Transportation Code § 451.155

Sec. 451.155. TRANSFER OF REAL PROPERTY IN STATION OR TERMINAL COMPLEX. (a) An authority may transfer to any person by any means, including a sale or lease, an interest in real property in a station or terminal complex and may contract with respect to it, in accordance with the comprehensive transit plan approved by the board and subject to terms: (1) the board finds to be in the public interest or necessary to carry out this section; and (2) the instrument transferring the title or right of use specifies. (b) A transfer must be at the fair value of the interest transferred considering the use designated for the real property in the authority's comprehensive transit plan. (c) A person from whom property offered for sale under this section was acquired by eminent domain or the threat of eminent domain has a first right to purchase the property at the price for which the property is offered to the public. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995. SUBCHAPTER E. REGIONAL ECONOMIC DEVELOPMENT FACILITIES IN STATIONS OR TERMINAL COMPLEXES