[Code of Federal Regulations]
[Title 49, Volume 1]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 49CFR24.105]

[Page 219-220]
 
                        TITLE 49--TRANSPORTATION
 
          Subtitle A--Office of the Secretary of Transportation
 
PART 24_UNIFORM RELOCATION ASSISTANCE AND REAL PROPERTY ACQUISITION FOR 
FEDERAL AND FEDERALLY ASSISTED PROGRAMS--Table of Contents
 
                   Subpart B_Real Property Acquisition
 
Sec. 24.105  Acquisition of tenant-owned improvements.

    (a) Acquisition of improvements. When acquiring any interest in real 
property,

[[Page 220]]

the Agency shall offer to acquire at least an equal interest in all 
buildings, structures, or other improvements located upon the real 
property to be acquired, which it requires to be removed or which it 
determines will be adversely affected by the use to which such real 
property will be put. This shall include any improvement of a tenant-
owner who has the right or obligation to remove the improvement at the 
expiration of the lease term.
    (b) Improvements considered to be real property. Any building, 
structure, or other improvement, which would be considered to be real 
property if owned by the owner of the real property on which it is 
located, shall be considered to be real property for purposes of this 
subpart.
    (c) Appraisal and establishment of just compensation for tenant-
owned improvements. Just compensation for a tenant-owned improvement is 
the amount which the improvement contributes to the fair market value of 
the whole property or its salvage value, whichever is greater. (Salvage 
value is defined at Sec. 24.2.)
    (d) Special conditions. No payment shall be made to a tenant-owner 
for any real property improvement unless:
    (1) The tenant-owner, in consideration for the payment, assigns, 
transfers, and releases to the Agency all of the tenant-owner's right, 
title, and interest in the improvement; and
    (2) The owner of the real property on which the improvement is 
located disclaims all interest in the improvement; and
    (3) The payment does not result in the duplication of any 
compensation otherwise authorized by law.
    (e) Alternative compensation. Nothing in this subpart shall be 
construed to deprive the tenant-owner of any right to reject payment 
under this subpart and to obtain payment for such property interests in 
accordance with other applicable law.

[54 FR 8928, Mar. 2, 1989; 54 FR 24712, June 9, 1989, as amended at 64 
FR 7132, Feb. 12, 1999]