Current through Register Vol. 46, No. 39, September 25, 2024
(a) Actual direct losses of tangible personal
property are allowed in the case of a business, farm or nonprofit organization
when an eligible person who is displaced is entitled to relocate such personal
property but elects not to do so. Payments for such losses may only be made
after a bona fide effort has been made by the owner to sell the item(s)
involved. When the item(s) is sold, payment will be made according to the
following standards:
(1) If the business,
farm, etc. is reestablished, but the personal property is replaced with a
comparable item at the new location, payment shall be the lesser of:
(i) the replacement cost less the net
proceeds of the sale; or
(ii) the
estimated cost of moving the item.
(2) If the business, etc. is discontinued or
the item is not replaced in the reestablished business, payment shall be the
lesser of:
(i) the depreciated value of the
item in place less the net proceeds of the sale; or
(ii) the estimated cost of moving the
item.
(b) If
a bona fide sale is not effected above because no offer is received for the
personalty, the owner shall be entitled to the reasonable expenses of the sale
plus the estimated cost of moving the item(s). Payment to the owner for losses
for the item involved in this circumstance will not be made unless and until
the owner thereof submits a suitable declaration of abandonment of the item(s)
involved. Upon receipt of its abandonment notice, the item(s) become the
property of the State, subject to disposal in the most economical manner. If
the person makes no attempt to dispose of the property by sale or removal, the
owner will not be entitled to payment of any moving expenses or losses for the
item involved.
(c)
(1) Under the above conditions, the eligible
person shall notify the office, at least three months prior to the starting
date of the move, of his definite intentions toward application for a payment
for direct losses of tangible personal property. Upon receipt of this notice,
an inventory will be compiled by the office distinguishing the realty and the
personalty, and the eligible person will sign this inventory. The office will
further obtain estimates on the costs of moving the personal property to the
new location. Upon written notification from the office, the eligible person
may make arrangements for a public sale, advertising to be accomplished in the
most economical manner and with provision for adequate notification through the
media appropriate for the sale of the personalty. The sale will be held
publicly during reasonable hours and in the presence of representatives of the
office.
(2) The sale price, if any,
and the actual reasonable cost of advertising costs or related costs in
conducting the sale incurred by an auctioneer or sales manager, shall be
supported by a copy of the bill of sale or similar documents and by copies of
any advertisements, offers to sell, auction records and other data supporting
the bona fide nature of the sale, which are to be presented to the office when
making application for payment under this subdivision.
(3) The eligible owner of an advertising sign
may be reimbursed for actual direct losses when he is entitled to relocate the
sign but does not do so; the owner need not attempt to conduct a bona fide
sale; the loss will be the lesser of:
(i) the
depreciated reproduction cost of the sign as determined by the State;
or
(ii) the estimated cost of
moving the sign.
