Oregon Statutes 777.116 – Port may acquire real and personal property; appraisal by state certified appraiser required; purchase contract limited
(1) A port may acquire, by condemnation or other lawful method, hold, use, enjoy and convey, lease or otherwise dispose of real and personal property, or any interest therein, necessary or convenient in carrying out its powers. Condemnation proceedings shall be conducted as provided by ORS Chapter 35.
Terms Used In Oregon Statutes 777.116
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2)(a) A port may not purchase real property unless the port first obtains an appraisal of the fair market value of the property from a state certified appraiser who is disinterested in the transaction and independent of the port.
(b) If the appraisal obtained under paragraph (a) of this subsection concludes that the value of the property exceeds $2,000,000, then the port must obtain an additional appraisal of the fair market value of the property before purchasing the property. The appraiser who conducts the additional appraisal must be a state certified appraiser but need not be disinterested in the transaction or independent of the port.
(c) Nothing in this subsection requires the port to purchase the real property at the appraised value.
(d) The appraisals obtained under this section may not be admitted as evidence in any condemnation proceeding.
(3) A port may purchase real or personal property upon a contractual basis when the period of time allowed for payment under the contract does not exceed 20 years.
(4) As used in this section, ‘state certified appraiser’ has the meaning given that term in ORS § 674.010. [1971 c.728 § 17 (enacted in lieu of 777.115, 777.185 and 777.187); 1973 c.127 § 2; 1975 c.43 § 1; 1979 c.17 § 1; 1991 c.5 § 45; 1993 c.201 § 1; 2017 c.86 § 1]