Louisiana Revised Statutes 48:2138 – Acquisition of lands and property
Terms Used In Louisiana Revised Statutes 48:2138
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
A. For the purposes of this Chapter, the authority may acquire private or public property and property rights by donation, purchase, exchange, or eminent domain proceedings, as the board may deem necessary for any authority purpose in the transportation corridor designated by the board.
B. In the acquisition of land and property rights, the authority may acquire an entire lot, block, or tract of land, if, by so doing, the acquisition cost to the authority will be equal to or less than the cost of acquiring only that portion of the property thereof necessary for the project. This Subsection is a specific recognition that this means of limiting the rising costs of such property acquisition is a public purpose and that, without this limitation, the viability of many public projects will be threatened.
C. The authority may sell, lease, or otherwise dispose of all or any portion of a project, provided that the sale, lease, or other disposition of a state-designated project shall require department approval. Notwithstanding any law to the contrary, any surplus property may be sold in accordance with procedures adopted by the board that maximize the price received for such property provided that, notwithstanding any other provision of law to the contrary, whenever any surplus property is acquired by the authority by eminent domain proceedings, the authority first shall offer to sell whatever rights it acquired back to the original owner or his successors in title, at the fair market value or at the original price paid, whichever is less.
D. When the authority acquires property for a project, it is not subject to any liability imposed by preexisting conditions. This Subsection does not, however, affect the rights or liabilities of any past or future owners of the acquired property, nor does it affect the liability of any governmental entity for the results of its actions which create or exacerbate a pollution source. The board, on behalf of the authority, and the Louisiana Department of Environmental Quality may enter into agreements for the performance, funding, and reimbursement of the investigative and remedial acts necessary for property acquired by the authority.
Acts 2007, No. 329, §1.