Texas Transportation Code

§ 203.059 — PURCHASE OF LEASE RIGHTS

TN § 203.059Title 6. ROADWAYS · Part A. TEXAS DEPARTMENT OF TRANSPORTATION · Ch. 203. MODERNIZATION OF STATE HIGHWAYS; CONTROLLED ACCESS HIGHWAYS · Art. D. ACQUISITION OF PROPERTY

Statute text

View on source

(a)Before acquiring property under this subchapter, the department may purchase the right to lease the property to a third party.

(b)The department may make a purchase under Subsection (a) only if the department first determines that the owner is unable to lease or rent the property because of the impending acquisition by the department.

(c)The consideration for the purchase of a lease right under this section may not exceed the fair market rental value of the property as determined by the department and shall be credited against the total compensation due the owner when the department acquires the property.

(d)Payment under this section may be made in periodic increments until the property is acquired by the department. The aggregate total of payments before acquisition may not exceed the department's approved appraised value of the property.

(e)The department shall adopt rules to implement this section.

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.