Delaware Administrative Code
Title 2 - Transportation
2000 - Department of Transportation
2400 - Division of Transportation Solutions
2406 - Policies and Procedures for Acquisition of Certain Real Property
Section 2406-6.0 - Procedures for Review and Approval of Advanced Acquisitions
Current through Register Vol. 28, No. 3, September 1, 2024
6.1 For advanced acquisitions satisfying the criteria set forth in subsection 3.3, 4.3 or 5.3 or for Special Property Acquisitions, as the case may be, the Department shall have an appraisal performed by an independent appraiser in accordance with the Department's Real Estate Manual.
6.2 Following receipt of the appraisal, the Department and its legal counsel shall discuss the potential terms of an agreement and the justifications therefor, including the nature of the interest to be acquired (i.e., acquisition, reservation, leasehold); the necessity of acquiring such interest and the existence of any alternative transactions; the fair market value of such interest; the amount of land required; the duration of the agreement; and such other factors as may be relevant. Following such discussion, counsel shall prepare a detailed term sheet reflecting the material terms of the proposed transaction.
6.3 The Department will present the term sheet to the Advanced Acquisition Committee at a scheduled meeting as soon as reasonably practicable. The Committee shall consider the terms of and rationale for the proposed transaction and may either approve, or reject such transaction. If the Committee approves the proposed transaction, the Department shall negotiate the final terms with the owner.
6.4 The material terms of all advanced acquisitions shall be reflected in an agreement prepared or reviewed by the Department's legal counsel and signed by the owner and an authorized representative of the Department.