306.22 - SALE OF UNUSED RIGHT-OF-WAY. - Iowa Statutes

306.22 SALE OF UNUSED RIGHT-OF-WAY. When title to any tract of land has been or may be acquired forthe construction or improvement of any highway, and when in thejudgment of the agency in control of the highway, the tract will notbe used in connection with or for the improvement, maintenance, oruse of the highway, the agency in control of the highway may sell thetract for cash. The department may contract for the sale of any tract of landsubject to the following terms and conditions: 1. The discounted present market value of the contract offer,including the cash down payment, shall exceed one hundred ten percentof the highest cash offer submitted for the tract if a cash offer isreceived. The discount rate shall be the rate of interest stated inthe contract. 2. The cash down payment shall be equal to or in excess of fivepercent of the total purchase price. 3. The term of the contract shall not exceed ten years. 4. The rate of interest stated in the contract shall not be lessthan the prevailing rate of interest charged on contract land salesby sellers in the county or general area in which the tract of landis located. 5. The department shall advertise for cash bids and contractoffers before accepting a contract offer. 6. The appraised value of property sold under a land contractsale shall be at least five thousand dollars. 7. Any tract of land sold on contract shall be listed on the taxrolls by and taxed to the contract purchaser, as provided in chapters428 and 443; assessed and valued as provided in chapter 441; taxeslevied as provided in chapter 444; collected as provided in chapter445; and subject to tax sale, redemption, and apportionment of taxesas provided in chapters 446 to 449. The contract purchaser shalldischarge and pay all taxes. If any tract of land is sold, the sale shall be subject to theright of a utility association, company, or corporation to continuein possession of a right-of-way in use at the time of the sale.          Section History: Early Form [C35, § 4755-f1; C39, § 4755.44; C46, 50, § 313.53; C54, 58,62, 66, § 306.16; C71, 73, 75, 77, 79, 81, § 306.22]          Section History: Recent Form 86 Acts, ch 1245, § 1987; 92 Acts, ch 1163, § 71 Referred to in § 306.42