192.73 Sale of abandoned rail property after release by state.
192.73
192.73 Sale of abandoned rail property after release by state.192.73(1)
(1) Definitions. In this section:192.73(1)(a)
(a) "Abandoned rail property" means rail property that is determined to be abandoned as provided in s. 85.09 (3).192.73(1)(b)
(b) "Condemnation commission" means the office of the commissioner of condemnation under s. 32.08 for the county in which abandoned rail property is located.192.73(1)(c)
(c) "Lessee" means a person occupying abandoned rail property under a lease.192.73(1)(d)
(d) "Owner" means a person that owns abandoned rail property but "owner" does not include any of the following:192.73(1)(d)1.
1. A railroad operating as a common carrier in this state on May 11, 1990.192.73(1)(d)2.
2. A railroad corporation that owns a controlling interest on May 11, 1990, in a railroad operating as a common carrier in this state.192.73(1)(d)3.
3. A railroad corporation that is under common control on May 11, 1990, with a railroad operating as a common carrier in this state.192.73(1)(e)
(e) "Rail property" has the meaning given in s. 85.01 (3).192.73(2)
(2) Right of lessee to acquire.192.73(2)(a)
(a) If the department determines not to acquire abandoned rail property under s. 85.09 (4) and issues a release of its first right to acquire the property under s. 85.09 (2), an owner may not sell or offer to sell abandoned rail property to a person other than the lessee of the abandoned rail property unless the owner first offers to sell that property to the lessee under this subsection.192.73(2)(b)
(b) The owner shall send by certified mail a written offer to sell abandoned rail property at a fair market price to the lessee of that property. The lessee relinquishes the right to acquire abandoned rail property under this section if it does not respond to the offer by certified mail within 60 days after receipt of the offer to sell.192.73(2)(c)
(c) If the owner and the lessee do not agree on a purchase price within 60 days after the lessee's response, the lessee or the owner may request that the condemnation commission determine the fair market value for the abandoned rail property. The condemnation commission shall determine the fair market value for the abandoned rail property on the basis of 3 independent appraisals. The owner and the lessee shall each select one appraiser and shall pay the cost of that appraisal. The condemnation commission shall select one appraiser and shall divide the cost of the appraisal equally between the owner and the lessee. The condemnation commission shall inform the owner and lessee by certified mail of its determination of the fair market value for the abandoned rail property.192.73(2)(d)
(d) Within 30 days after receipt of the determination, the lessee shall notify the owner if the lessee agrees to purchase the abandoned rail property at its fair market value. If the lessee agrees to purchase, the owner shall sell the abandoned rail property to the lessee at its fair market value.192.73 - ANNOT.
History: 1989 a. 336.