R850-140-300. Designation of Development Property

1. The director may designate a property as a development property upon the director's determination that the following criteria are met:

(a) The property is located in or near an urban area of the State or, in more rural locations, the property is of a character suitable for current or future commercial, industrial, resort, residential or other real estate development activities; or

(b) The agency has received inquiry from private parties concerning the potential for development of the property or the agency, after preliminary analysis, has determined that the probable highest and best use for the property is for development purposes.

2. The director shall maintain a database of each property designated as a development property. The director may remove property from development designation in his discretion as deemed appropriate for the best interests of the trust beneficiaries.