Ch. 525

1997 LAWS OF MARYLAND

(iii) If neither of these rights is exercised, the land shall be disposed of
under this section in the same manner as if the land were from a project that has been
completed or otherwise as permitted by this section.

(c) (1) (i) As to land from a completed project:

1. The Administration shall notify the person from whom the
land was acquired, or the successor in interest of that person, within 30 days after making
a determination that the land is not needed by the Administration and that the land is
available for reacquisition;

2. Within 5 years from the date the land was acquired, the
person from whom the land was acquired, or the successor in interest of that person, may
reacquire the land, on payment of an amount equal to the consideration that the
Administration or Commission originally paid for the property; and

3. After 5 years from the date the land was acquired, the person
from whom the land was acquired, or the successor in interest of that person, has the right
to reacquire the land at the current market value.

(ii) If the right to reacquire the land as provided in subparagraph (i) of
this paragraph is not exercised within 8 months after the Administration provides the
notice that the land is available, the Administration shall sell the land at public auction as
provided in this subsection.

(2) Before the sale:

(i) The Administration shall appraise the land; and

(ii) If the Administration believes that the land has a value of more
than $25,000, the land also shall be appraised by at least one independent, qualified real
estate appraiser.

(3) The Administration shall notify the public of the sale by:

(i) Posting a notice of the sale on the land at least 2 weeks before the

sale; and

(ii) Publishing the notice for 2 consecutive weeks in a newspaper that
is published or has general circulation in the county in which the property is located.

(4) The notice of the sale shall:

(i) Describe generally the property to be sold;

(ii) State the date, time, and place of the sale; and

(iii) Contain any other information that the Administration considers

proper.

(5) The sale shall be held on or near the land and may be conducted by
Administration personnel.

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