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1 | | property is unsellable in its current assessed condition. The |
2 | | Administrator shall consider the following factors in making |
3 | | an assessment under this Section: |
4 | | (1) the length of time the property has been |
5 | | designated as surplus real property, with properties held |
6 | | as such for more than 5 years being considered unsellable |
7 | | for purposes of this Section, absent extenuating |
8 | | circumstances; |
9 | | (2) the annual State maintenance and security costs in |
10 | | relation to the property's estimated fair market value; |
11 | | and |
12 | | (3) any excessive liabilities or other prominent |
13 | | concerns. |
14 | | (b) The Administrator shall prepare a report based upon |
15 | | the assessment that includes all surplus real properties that |
16 | | the Administrator assessed as unsellable. The report shall |
17 | | further include: |
18 | | (1) the number of years each property has been vacant; |
19 | | (2) the assessed fair market value of each property, |
20 | | as determined by an appraisal; |
21 | | (3) the annual maintenance costs the State incurs for |
22 | | each property; |
23 | | (4) the estimated demolition and remediation costs of |
24 | | each property; |
25 | | (5) a statement describing any attempts made by the |
26 | | Administrator to sell each property, including the issues |
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1 | | faced in attempting to sell each property; and |
2 | | (6) a recommendation of the type of action the State |
3 | | should take to address the issues on each property, |
4 | | including an estimated cost of such work and a timeline to |
5 | | complete such work. |
6 | | (c) By February 1, 2024, and by February of every |
7 | | even-numbered year thereafter, the Administrator shall submit |
8 | | the report prepared under this Section to the Governor and the |
9 | | General Assembly. Subject to approval by a joint resolution of |
10 | | the Senate and the House of Representatives, the Administrator |
11 | | is authorized to pursue the recommended course of action for |
12 | | each property specified in the report. The Administrator may |
13 | | use, subject to appropriation, funds held in the Sustainable |
14 | | Ownership and Surplus Property Environmental Cleanup Fund for |
15 | | demolition and environmental remediation costs at the proposed |
16 | | surplus properties and for any other action related to the |
17 | | disposal of properties specified in the report. |
18 | | (d) The Sustainable Ownership and Surplus Property |
19 | | Environmental Cleanup Fund is created as a special fund in the |
20 | | State treasury. Subject to appropriation, moneys in the Fund |
21 | | shall be used by the Administrator for demolishing structures, |
22 | | conducting environmental remediation work, and other related |
23 | | actions at surplus real properties as authorized under this |
24 | | Section. |
25 | | As used in this subsection (d), "structure" means any |
26 | | building, improvement, pipe system, or other engineered system |