37.0119 Tenant improvement payments.

Cite as [A.S.A.C. § 37.0119]

(a) In case of the building, structure, or other improvement owned by the tenant on real property acquired for a project to which this article applies, the government will, subject to subsection (b) of this section, pay the tenant the larger of:

(1) the fair market value of the improvement, as established by the appraisal board, assuming its removal from the property; or

(2) the enhancement to the fair market value of the real property.

(b) Payments will also be made for improvements that are damaged as well as those which must be removed.

(c) A payment may not be made to a tenant under subsection (a) of this section unless:

(1) the tenant, in consideration for the payment, assigns, transfers, and releases to the government all his right, title and interest in the improvement;

(2) the owner of the land involved disclaims any interest in the improvements; and

(3) the payment is not duplicated by any payment otherwise authorized by law or rule.

History: Relocation Asst. and Prop. Acq. Regs., eff prior to 1975. Reg. 3.05.