Colorado § 32-8-124.7 - Property of Moffat tunnel improvement district.

§ 32-8-124.7. Property of Moffat tunnel improvement district.

(1) (a) The department has authority to convey or transfer ownership of all tangible property, real and personal, or any interest therein owned by the district for fair market value and for less than fair market value, if the department finds such a conveyance and transfer is in the public interest.

(b) The purchaser of any real property or interest therein of the district, whether the purchaser is a current user or any other party, shall take the property subject to then existing leases, contracts for use, licenses, or other encumbrances on or obligations relating to the property and the right of the district, and its successors and assigns, to reasonable access across the interests conveyed for access to the tunnel.

(2) Proceeds from any conveyance shall be used first for the expenses of the conveyance. Expenses of conveyance, including administrative costs incurred by the state and legal and other costs incurred in connection with the sale of the property of the district, shall not in the aggregate exceed four percent of the purchase price of the property being conveyed. Any remaining proceeds shall be immediately transferred to the counties and the city and county of Denver included, in whole or in part, in the district as specified in section 32-8-102, in such proportion as the total amount of taxes and assessments received by the district from each county or the city and county of Denver and its taxpayers since the district's creation is to the total of all taxes and assessments received by the district from those sources since the district's creation. Proceeds may be transferred directly to the counties and the city and county of Denver in conjunction with the closing of the sale of the property of the district, or they may be credited first to the cash fund created in section 32-8-126 before being immediately transferred to the counties and the city and county of Denver.

(3) The department may adopt reasonable procedures consistent with this article for the disposition of property of the district. All dispositions shall be made at fair market value and unencumbered except to the extent provided in paragraph (b) of subsection (1) of this section. All conveyances of property shall be made in the name of the "Moffat tunnel improvement district, by and through the department of local affairs of the state of Colorado acting as the Moffat tunnel commission under authority of section 32-8-124.7, C.R.S."

Source: L. 2002: Entire section added with relocated provisions, p. 1073, § 5, effective August 7. L. 2024: (1)(a) amended, (SB 24-190), ch. 280, p. 1861, § 4, effective August 7.

Editor's note: This section was formerly numbered as § 24-32-2906.

Cross references: For the legislative declaration contained in the 2002 act enacting this section, see section 1 of chapter 274, Session Laws of Colorado 2002. For the legislative declaration in SB 24-190, see section 1 of chapter 280, Session Laws of Colorado 2024.