Sec. 04.02.01.01. Policy

A. This regulation applies to all real property acquisitions to which the Department of General Services has any statutory role, except real property acquisition by the Department of Transportation and its model administrations, which are addressed in Regulation .02, of this chapter.

B. Before any real property is acquired from a private owner, other than by gift, the Board of Public Works shall obtain two independent appraisals of the property.

C. The staff review appraisers in the Office of Real Estate of the Department of General Services shall obtain and review the two independent appraisals for form, fact, and conclusions and, if they so elect may, with the approval of the Director of the Office of Real Estate, obtain a third independent appraisal, which they also shall review for form, fact, and conclusions. The staff review appraisers shall recommend to the Director of the Office of Real Estate a value for the subject real property, based on the approved appraisals. The Director shall determine the approved value of the property based on the reviewer's recommendation.

D. The Director of the Office of Real Estate shall offer to purchase the subject real property from the private owner, at a price not less than the lowest of the approved, independent appraisals, or at a price equal to the eminent domain award of the circuit court, as the case may be.

E. The actual consideration to be paid for any real property is subject to final approval by the Board of Public Works.