(a) An authority may transfer to any person by any means, including a sale or lease, an interest in real property in a station or terminal complex and may contract with respect to it, in accordance with the comprehensive transit plan approved by the board and subject to terms:
(1) the board finds to be in the public interest or necessary to carry out this section; and
(2) the instrument transferring the title or right of use specifies.
(b) A transfer must be at the fair value of the interest transferred considering the use designated for the real property in the authority’s comprehensive transit plan.

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Terms Used In Texas Transportation Code 451.155

  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(c) A person from whom property offered for sale under this section was acquired by eminent domain or the threat of eminent domain has a first right to purchase the property at the price for which the property is offered to the public.