2001 Minnesota Statutes

     116P.15 Land acquisition restrictions. 

    Subdivision 1.    Scope.  A recipient of an 
 appropriation from the trust fund or the Minnesota future 
 resources fund who acquires an interest in real property with 
 the appropriation must comply with this section.  For the 
 purposes of this section, "interest in real property" includes, 
 but is not limited to, an easement or fee title to property. 

    Subd. 2.    Restrictions; modification procedure.  (a) 
 An interest in real property acquired with an appropriation from 
 the trust fund or the Minnesota future resources fund must be 
 used in perpetuity or for the specific term of an easement 
 interest for the purpose for which the appropriation was made. 

    (b) A recipient of funding who acquires an interest in real 
 property subject to this section may not alter the intended use 
 of the interest in real property or convey any interest in the 
 real property without the prior review and approval of the 
 commission.  The commission shall establish procedures to review 
 requests from recipients to alter the use of or convey an 
 interest in real property.  These procedures shall allow for the 
 replacement of the interest in real property with another 
 interest in real property meeting the following criteria: 

    (1) the interest is at least equal in fair market value, as 
 certified by the commissioner of natural resources, to the 
 interest being replaced; and 

    (2) the interest is in a reasonably equivalent location, 
 and has a reasonably equivalent usefulness compared to the 
 interest being replaced. 

    (c) An interest in real property acquired with an 
 appropriation from the trust fund or the Minnesota future 
 resources fund to be held by an entity other than this state 
 shall include the following restrictive covenant on the 
 conveyance instrument used to acquire the real property 
 interests: 

    "The above described property shall be administered in 
 accordance with the terms, conditions, and purposes of the grant 
 agreement or work program controlling the acquisition of the 
 property.  The property, or any portion of the property, shall 
 not be sold, transferred, pledged, or otherwise disposed of or 
 further encumbered without obtaining the prior written approval 
 of the legislative commission on Minnesota resources.  If the 
 holder of the property fails to comply with the terms and 
 conditions of the grant agreement or work program, ownership of 
 the property shall revert to this state." 

    HIST: 1Sp2001 c 2 s 141