Ch. 525

1997 LAWS OF MARYLAND

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 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.

(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:

(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

3. If any affected county or municipality makes an offer to
acquire the parcel, or part thereof within that jurisdiction's borders, that is equal to or
greater than, or includes land of an equal or greater value than, the appraised value of the
parcel or applicable portion thereof, the Administration shall accept that offer[.];

(ii) Before making an exchange under this subsection, the exchange
must be approved by the Board of Public Works[.]; AND

(iii) If the Administrator and the Board of Public Works approved 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.

(5) Before the exchange:

(i) The Administration shall appraise all parcels of land to be

exchanged; and

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

(6) In the event that the properties to be exchanged are determined to be of
unequal value, the Administrator may agree to accept or pay an amount necessary to
substantially equalize the value of land conveyed by the State.

(7) The owner of land exchanged under this subsection is not entitled to
first right of refusal if the exchanged land is later offered for sale by the State.

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