Texas Transportation Code 202.113 – Disposal of Surplus Property
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(a) Except as provided by Subsection (b), the commission shall dispose of property acquired by advance acquisition that is not needed for a transportation facility in the manner provided by Subchapter B.
(b) Notwithstanding any other law, the commission first shall offer property described by Subsection (a) for sale to the person from whom the commission acquired the property at a price that is equal to the lesser of:
(1) the price the commission paid the person to acquire the property; or
(2) the fair market value of the property at the time it is offered for sale under this subsection, taking into account any damage to the property.
Terms Used In Texas Transportation Code 202.113
- 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.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005