R652-80-200. Exchange Criteria

1. The division may exchange sovereign land for land or other assets. The criteria by which an exchange proposal will be considered follows.

(a) Asset is herein defined as personal property, including cash, which has a readily determined market value.

(b) The percentage of cash which may be included in an exchange transaction shall not exceed 25% of the value.

2. Sovereign land exchanges must be in the best interest of the public trust as documented in a record of decision by the division. The record of decision shall address:

(a) the value of the affected lands or other assets as determined by a certified general appraiser, county tax assessment records, market analysis conducted by the division, or other method approved by the director;

(b) an assessment of the degree to which the exchange of sovereign land for land or other assets to be acquired may enhance commerce, navigation, wildlife habitat, public recreation, or other public trust value;

(c) management costs and opportunities;

(d) the criterion that the exchange promotes the interest of the public without any substantial impairment of the public interest in the lands and waters remaining.

3. The record of decision shall verify that the exchange will not result in an unmanageable and uneconomical parcel of sovereign land, nor eliminate access to a remnant holding, without appropriate remuneration or compensation.