37-1152 - Arizona Statutes

37-1152. Auction and sale of released public trust lands A. If the department determines that any portion or reach of a bed of a navigable watercourse may be released from the public trust, the department shall cause an appraisal of the property to be made to determine its fair market value. The property shall not be disposed of for an amount less than that appraised value. B. At the same time, the department shall also cause an appraisal to be made of such reasonable improvements to the property as the record owner or lessee may have made in good faith. The amount of that appraised value of the improvements shall be credited and applied to the bid of the record owner or lessee at any sale or public auction of the land that the department conducts. If the record owner or lessee is not the successful bidder at the sale or auction, the successful bidder shall reimburse the owner or lessee by the amount of the appraised value of the improvements. C. Sections 37-236, 37-237 and 37-238 apply to the sale of such lands at public auction.