R8-3-109. Process for Determining Acceptable Value for Expenditure of Funds

A. The Department shall not pay more than fair market value to acquire private property using MIF monies. B. To determine the fair market value of private property to be acquired using MIF monies, the Department shall have the private property appraised by a professional appraiser who is under contract with the state. C. A property owner that disagrees with the fair market value determined under subsection (B) may appeal the determination under R8-3-117. D. For all other expenditures of funds relating to property preservation, the Department shall follow guidelines found in Title 41, Chapter 23, Article 5 relating to construction, building improvement and procurement standards.