Current through Register Vol. XLI, No. 50, December 13, 2024
Section 157-2-3 - Exchange of Real Property3.1. Property Not Necessary for Road Purposes. -- Any real property, or any part thereof, or any interest or right therein the Commissioner determines is not necessary or desirable for present or presently foreseeable state road purposes may be exchanged for other real property, or any interest or right therein, which is determined by the Commissioner to be necessary or desirable for present or presently foreseeable state road purposes.3.2. Property Necessary for Road Purposes. -- Any real property, or any part thereof, or any interest or right therein, even though it may be necessary or desirable for present or presently foreseeable state road purposes, may be exchanged for other real property, or any interest or right therein, in close proximity thereto which the Commissioner determines to be of equal or superior useful value for present or presently foreseeable future state road purposes.3.3. Appraisal. -- Any exchange of real property, or any interest therein, must be based on an approved appraisal of each separate property involved, and a determination by the Right of Way Chief Appraiser or his or her designee for the Commissioner of Highways at the fair market value of the property. The Director of the Right of Way Division shall make a recommendation to the Commissioner as to whether the property the Commissioner desires to acquire by exchange is of equal or superior useful value for present or presently foreseeable future state road purposes as the property already owned by the Division.3.4. Difference in Value. -- The Commissioner of Highways may pay or require payment of any substantial difference in the value of the properties being exchanged and may move or pay the cost of moving buildings, structures, or appurtenances in connection with any such exchange.