PARRIS N. GLENDENING, Governor

Ch. 597

(2)      IN THE CASE OF AN ABANDONED OR COMPLETED PROJECT, THE
PERSON FROM WHOM THE LAND WAS ACQUIRED, OR THE SUCCESSOR IN INTEREST
OF THAT PERSON, SHALL HAVE THE FIRST RIGHT OF REFUSAL TO REACQUIRE THE
LAND, EXCEPT THAT THE OFFER AND ACCEPTANCE SHALL BE AS FOLLOWS:

(I)      THE ADMINISTRATION SHALL NOTIFY THE PERSON FROM
WHOM THE LAND WAS ACQUIRED, OR THE SUCCESSOR IN INTEREST OF THAT
PERSON, IN WRITING, BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED OF THE
PROPOSED EXCHANGE AND THE VALUE OF THE PROPERTY;

(II)     WITHIN 90 DAYS FROM THE DATE OF THE NOTICE, THE PERSON
FROM WHOM THE LAND WAS ACQUIRED, OR THE SUCCESSOR IN INTEREST OF THAT
PERSON, SHALL NOTIFY THE ADMINISTRATION IN WRITING OF ITS INTENT TO
EXERCISE ITS RIGHT TO REACQUIRE THE LAND; AND

(III)    WITHIN 90 DAYS FROM THE DATE OF NOTIFYING THE
ADMINISTRATION OF ITS INTENT TO REACQUIRE THE LAND, THE PERSON FROM
WHOM THE LAND WAS ACQUIRED, OR THE SUCCESSOR IN INTEREST OF THAT
PERSON, MUST TENDER PAYMENT OF AN AMOUNT EQUAL TO THE LESSER OF:

1.        THE APPRAISED VALUE OF THE LAND; OR

2.        THE CONSIDERATION THAT THE ADMINISTRATION OR
COMMISSION ORIGINALLY PAID FOR THE LAND, PLUS SIMPLE INTEREST AT THE
FAIR MARKET VALUE RATE CALCULATED FROM THE TIME OF ACQUISITION TO THE
TIME OF DISPOSITION AND ADMINISTRATION COSTS.

(3)      THE PERSON FROM WHOM THE LAND WAS ACQUIRED, OR THE
SUCCESSOR IN INTEREST OF THAT PERSON, IS DEEMED TO HAVE WAIVED ITS RIGHT
TO FIRST REFUSAL IF THE PERSON OR THE SUCCESSOR IN INTEREST FAILS TO
FOLLOW THE PROCEDURES SET FORTH IN PARAGRAPH (2) OF THIS SUBSECTION ARE
NOT FOLLOWED.

(4)      IN THE CASE OF A COMPLETED PROJECT OR AN ABANDONED
PROJECT FOR WHICH THE RIGHT OF FIRST REFUSAL WAS WAIVED, THE PROCEDURE
FOR THE EXCHANGE SHALL BE AS FOLLOWS: BEFORE AN EXCHANGE MAY BE MADE
UNDER THIS SUBSECTION, THE EXCHANGE SHALL BE APPROVED BY THE
ADMINISTRATOR AND BY THE BOARD OF PUBLIC WORKS. IF THE ADMINISTRATOR
AND THE BOARD OF PUBLIC WORKS APPROVE THE TERMS AND CONDITIONS OF THE
EXCHANGE AND ALL DEEDS, THE ADMINISTRATOR MAY EXECUTE AND ACCEPT
DEEDS EFFECTING THE CONVEYANCES NECESSARY TO COMPLETE THE EXCHANGE.

(I) IF THE EXCHANGE IS NOT ONE PROPOSED BY A COUNTY OR
MUNICIPALITY, THE ADMINISTRATION SHALL:

1. NOTIFY BY REGISTERED MAIL ANY AFFECTED COUNTY OR
MUNICIPALITY OF THE OFFER FOR AN EXCHANGE OF A PARCEL;

2. ALLOW 60 DAYS AFTER NOTIFICATION FOR ANY AFFECTED
COUNTY OR MUNICIPALITY TO MAKE A REQUEST TO ACQUIRE THE PARCEL OR PART OF
THE PARCEL LOCATED WITHIN THE BORDERS OF THE COUNTY OR MUNICIPALITY AND
FOR THE ADMINISTRATION TO CONSIDER ANY SUCH REQUEST: AND

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