§ 38-1-121 — Appraisals - negotiations

Colorado § 38-1-121

• Jurisdiction: Colorado
• Title 38: Property -
• Art.: Proceedings

Text

(1) As soon as a condemning authority
determines that it intends to acquire an interest in property, it shall give notice of
such intent, together with a description of the property interest to be acquired, to
anyone having an interest of record in the property involved. If the property has an
estimated value of five thousand dollars or more, such notice shall advise that the
condemning authority shall pay the reasonable costs of an appraisal pursuant to
subsection (2) of this section. Such notice, however, need not be given to any of
such persons who cannot be found by the condemning authority upon the exercise
of due diligence. Upon receipt of such notice, such persons may employ an
appraiser of their choosing to appraise the property interest to be acquired. Such
appraisal shall be made using sound, fair, and recognized appraisal practices which
are consistent with law. The value of the land or property actually taken shall be
the fair market value thereof. Within ninety days of the date of such notice, such
persons may submit to the condemning authority a copy of such appraisal. The
condemning authority immediately upon receipt thereof shall submit to such
persons copies of its appraisals. If the property interest is being acquired in relation
to a federal aid project, then the appraisals submitted by the condemning authority
shall be those which have been approved by it pursuant to applicable statutes and
regulations, if such approval is required. All of these appraisals may be used by the
parties to negotiate in good faith for the acquisition of the property interest, but
neither the condemning authority nor such persons shall be bound by such
appraisals.

(2) If an appraisal is submitted to the condemning authority in accordance
with the provisions of subsection (1) of this section, the condemning authority shall
pay the reasonable costs of such appraisal. If more than one person is interested in
the property sought to be acquired and such persons cannot agree on an appraisal
to be submitted under subsection (1) of this section, the condemning authority shall
be relieved of any obligation herein imposed upon it to pay for such appraisals as
may be submitted to it pursuant to this section.

(3) Nothing in this section shall be construed as in any way limiting the
obligation of the condemning authority to negotiate in good faith for the acquisition
of any property interest sought prior to instituting eminent domain proceedings or
as in any way limiting the discovery rights of parties to eminent domain
proceedings.

(4) Nothing in this section shall prevent the condemning authority from
complying with federal and state requirements to qualify the authority for federal
aid grants.

(5) Nothing in this section shall be construed to limit the right of the
condemning agency to institute eminent domain proceedings or to obtain
immediate possession of property as permitted by law; except that an eminent
domain proceeding may not proceed to trial on the issue of valuation until the
ninety-day period provided in subsection (1) of this section has expired or the
owner's appraisal has been submitted to the condemning authority, whichever is
sooner.

(6) If the parties involved in the negotiations fail to reach agreement on the
fair market value of the property being acquired, the condemning authority, prior to
proceeding to trial on the issue of valuation, shall furnish all owners of record a
written final offer.

Legislative History

Source: L. 75: Entire section added, p. 1405, � 1, effective July 18. L. 78: (1) and (5) amended, p. 274, � 100, effective May 23. L. 85: (1) amended and (6) added, p. 1194, � 5, effective June 6.