(1) A farmland equity adjustment program is created to compensate property owners for the purpose of encouraging the continuation of agriculture and reestablishing agricultural lands displaced by the superconducting super collider.
  (2) Except as provided in subsection (3), the department of commerce shall provide a farmland equity adjustment payment to a property owner of real property greater than 5 acres that is acquired in fee simple by the commission for the superconducting super collider prior to October 1, 1990. The payment shall equal 50% of the fair market value of the real property less the fair market value of any homestead, improvements related to the homestead, appurtenances, and acreage related to or associated with the use of the homestead improvements related to the homestead, or appurtenances. This payment shall be made to the property owner at the time of closing unless the property is sold pursuant to a deferred payment agreement under section 14.

Terms Used In Michigan Laws 3.823

  • Commission: means the Michigan superconducting super collider commission created in section 4. See Michigan Laws 3.813
  • Department: means the department of commerce. See Michigan Laws 3.813
  • 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.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Superconducting super collider: means a 20 trillion electron volt superconducting super colliding particle beam accelerator proposed by the United States department of energy. See Michigan Laws 3.813
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