North Dakota Code 38-14.2-12 – Transfer or sale of acquired lands
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The commission may transfer land acquired pursuant to this chapter to the appropriate state or federal agency. Where land acquired pursuant to this chapter is deemed to be suitable for industrial, commercial, residential, or recreational development, the commission may sell such land by public sale under a system of competitive bidding, at not less than fair market value, pursuant to the provisions of chapter 54-01 and other laws applicable to the sale of state-owned land and under such other regulations promulgated to ensure that such lands are put to proper use consistent with local and state land use plans, if any, as determined by the commission.
Terms Used In North Dakota Code 38-14.2-12
- 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.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49