[Code of Federal Regulations]

[Title 49, Volume 1]

[Revised as of October 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 49CFR24.105]



[Page 234]

 

                        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, 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 a Tenant-

Owned Improvement. 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(a)(23).)

    (d) Special conditions for tenant-owned improvements. 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;

    (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.



[70 FR 611, Jan. 4, 2005, as amended at 70 FR 22611, May 2, 2005]