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Board Policy No. 11 – Real Estate <br />Page 2 of 5 <br />b. The inventory shall identify whether each real property is excess. <br />c. Brief description of improvements; <br />d. Current use of the property; <br />e. Summary of any conditions on the title, original acquisition cost, and the FTA <br />participation ratio, as applicable; and <br />f. FTA grant number, appraised value, and appraised date, as applicable. <br />2. The inventory shall identify whether each real property is excess <br />a. An NCTD excess property inventory prepared in accordance with California <br />Government Code § 50569; and <br />b. The District shall prepare and keep up to date an excess property inventory with <br />an FTA interest in accordance with the NCTD Excess Real Property Inventory and <br />Utilization Plan. <br />Acquisition of Real Property <br />Acquisition of real property requires Board approval and shall be in accordance with federal and <br />state requirements and applicable federal and state statutory and regulatory requirements, <br />including, but not limited to, the payment of just compensation, which is also just and fair to the <br />public. <br />Disposal of Real Property <br />It is the general policy of the Board not to dispose of real property. <br />1. Disposal of real property requires Board approval. <br />2. Prior to disposing of excess real property without an FTA interest, a written offer to sell or <br />lease the property shall be sent to entities described in California Government Code § <br />54222 and otherwise comply with the requirements of California Government Code § <br />54220, et seq. <br />3. All excess real property without an FTA interest shall be sold at fair market value, unless <br />the Board determines that the sale of specific excess real property at less than fair market <br />value serves a public purpose. <br />4. Excess real property with an FTA interest that is no longer needed for the originally <br />authorized purpose shall be disposed of in accordance with the NCTD Excess Real <br />Property Inventory and Utilization Plan.