10 CFR 770.8 – May DOE transfer real property at defense nuclear facilities for economic development at less than fair market value?
Current as of: 2024 | Check for updates
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DOE generally attempts to obtain fair market value for real property transferred for economic development, but DOE may agree to sell or lease such property for less than fair market value if the statutory transfer authority used imposes no market value restriction, and:
Terms Used In 10 CFR 770.8
- 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.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) The real property requires considerable infrastructure improvements to make it economically viable, or
(b) A conveyance at less than market value would, in the DOE’s judgment, further the public policy objectives of the laws governing the downsizing of defense nuclear facilities.