(a) Except as otherwise provided herein, the department will comply with policies and procedures prescribed in 43 TAC Chapter 21, Subchapter F of this title (relating to Disposal of Real Estate Interests) in the sale, conveyance or other disposition of any rights or other interests in real property acquired under this Subchapter N. For the purposes of this subsection (a), references in Subchapter F to highway, road and roadway are considered references to railroad right-of-way and rail facilities.
(b) Real property interests shall be transferred or sold in consideration of such fair value as determined by the commission to be appropriate, and with the following priorities:
  (1) to an operating railroad company or railroad district, whether private or public, or to a governmental entity with the authority to condemn the property,
  (2) to abutting or adjoining landowners, or
  (3) to the general public.
(c) The priorities described in subsection (b) shall not apply to an exchange of an interest in real property acquired but not needed for a department purpose as whole or partial consideration for another interest in real property needed for a department purpose.
(d) In lieu of monetary payment for real property transferred to a governmental entity under this section, the commission may determine that fair value consideration exists if the estimated cost of future maintenance on the rail facility property to be transferred equals or exceeds the appraised fair market value of such property.
(e) Revenue from the transfer or sale of property under this Subchapter N shall be deposited to the credit of the state highway fund.

Source Note: The provisions of this §21.802 adopted to be effective February 16, 2006, 31 TexReg 886