<a id="pl.1.3"></a><var>1.3</var>ten percent over the appraised value to acquire real property; proposing coding <br/>
<a id="pl.1.4"></a><var>1.4</var>for new law in Minnesota Statutes, chapter 16B.<br/>
<a id="pl.1.5"></a><var>1.5</var>BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:<br/>
<br/>
<a id="bill.0.1.0"></a><a id="pl.1.6"></a><var>1.6</var>    Section 1. <b>[16B.297] ACQUISITION OF REAL PROPERTY.</b><br/>
<a id="pl.1.7"></a><var>1.7</var>    Subdivision 1. <b>Definition.</b> For the purposes of this section, "agency" means an <br/>
<a id="pl.1.8"></a><var>1.8</var>agency as defined in section 16B.01, subdivision 2, and the Board of Trustees of the <br/>
<a id="pl.1.9"></a><var>1.9</var>Minnesota State Colleges and Universities.<br/>
<a id="pl.1.10"></a><var>1.10</var>    Subd. 2. <b>Maximum price.</b> When an agency is authorized to acquire real property or <br/>
<a id="pl.1.11"></a><var>1.11</var>an interest in real property with public money, the procedure in this section applies. The <br/>
<a id="pl.1.12"></a><var>1.12</var>agency must first prepare a fact sheet providing a legal description of the real property to <br/>
<a id="pl.1.13"></a><var>1.13</var>be acquired and the legal authority for its acquisition. The agency must obtain an appraisal <br/>
<a id="pl.1.14"></a><var>1.14</var>of the real property by a person licensed under chapter 82B as an appraiser for the type <br/>
<a id="pl.1.15"></a><var>1.15</var>of real property being appraised and the appraisal must be done in accordance with the <br/>
<a id="pl.1.16"></a><var>1.16</var>requirements of chapter 82B. The appraiser shall not have an interest directly or indirectly <br/>
<a id="pl.1.17"></a><var>1.17</var>in any of the real property to be appraised. The agency may pay less for the property than <br/>
<a id="pl.1.18"></a><var>1.18</var>the appraised value but must not agree to pay more than ten percent above the appraised <br/>
<a id="pl.1.19"></a><var>1.19</var>value. The appraised value does not include closing, relocation, or other costs authorized <br/>
<a id="pl.1.20"></a><var>1.20</var>by law. The agency must not pay for any of the seller's administrative costs. The seller's <br/>
<a id="pl.1.21"></a><var>1.21</var>appraisal must not include any administrative costs paid by the seller to acquire the <br/>
<a id="pl.1.22"></a><var>1.22</var>property. If the real property is appraised at less than $100,000 by the agency and the seller, <br/>
<a id="pl.1.23"></a><var>1.23</var>the agency may pay more than 110 percent of the agency's appraised value but no more than <br/>
<a id="pl.1.24"></a><var>1.24</var>the seller's appraised value. New appraisals may be made at the discretion of the agency.<br/>