Iowa Code 306.38 – Rental of acquired property pending use
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Terms Used In Iowa Code 306.38
- Agency: means any governmental body which exercises jurisdiction over any road as provided in section 306. See Iowa Code 306.2
- Commission: means the natural resource commission of the department. See Iowa Code 321I.1
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- highway: means the entire width between property lines of every way or place of whatever nature when any part thereof is open to the use of the public, as a matter of right, for purposes of vehicular travel, except in public areas in which the boundary shall be thirty-three feet each side of the center line of the roadway. See Iowa Code 321I.1
- property: includes personal and real property. See Iowa Code 4.1
In the event that land acquired for improvement of any highway is not immediately needed for such improvement, the agency in control of said highway may rent such land or buildings thereon to responsible persons for a cash rental consistent with the fair market value of similar property. The said agency may employ a local real estate firm for management and collection of rentals or may do so directly through its own personnel. The commission or service charge of such real estate company shall be paid out of such rentals.