(2) If the owner of an interest in land which is the subject of an application for acquisition proves to the satisfaction of the advisory board that intentional and improper acts of planning, zoning, or other regulatory officials resulted in substantial delay or denial of a lawful permit or permission to develop the interest in land and the permit or permission was requested by the owner before the application, then the value of the interest in land is deemed to be its value as if those permits or permissions were granted unless the owner of the interest agrees to a lesser value in writing. An owner aggrieved by the decision of the board or advisory board with respect to this item may appeal to the Administrative Law Court, where the matter must be heard as a contested case. Section 484370. (A) The interest in land acquired must be held by an eligible recipient. (B) The bank may not hold or possess any interest in land or other interests in real property, except for mortgage interests as security for loans made by the bank as provided for in subsection (J), and leasehold interests in office space secured for bank operations and staff. (C) The bank and eligible recipients receiving monies from the bank must retain all records of acquisition of interests in land with funds provided by the bank including, but not limited to, surveys, inventories, appraisals, title and title insurance policies, environmental assessments, closing documents, and contracts. (D) The bank must be named as an insured on a title insurance policy acceptable to the board and obtained by the loan recipient for loans it makes to eligible recipients. The bank must be indemnified as to title in the amount of any grants it makes to eligible recipients, and this indemnification must be secured by a title insurance policy acceptable to the board and obtained by the grant recipient. These requirements for title insurance and indemnification as to title may be waived by the board in extraordinary cases where insurable title is unobtainable, the risk of adverse claims to title are small, the land in question presents a particularly valuable conservation opportunity according to the purposes of this article and the criteria of Section 484360, and the cost of the interest in land acquired reflects the lack of insurable title. (E)(1) In order to identify potential liability pursuant to applicable state or federal environmental laws or regulations, an environmental hazard assessment must be conducted on the lands before the disbursement of bank funds for the acquisition of an interest in such lands.
(2) If the owner of an interest in land which is the subject of an application for acquisition proves to the satisfaction of the advisory board that intentional and improper acts of planning, zoning, or other regulatory officials resulted in substantial delay or denial of a lawful permit or permission to develop the interest in land and the permit or permission was requested by the owner before the application, then the value of the interest in land is deemed to be its value as if those permits or permissions were granted unless the owner of the interest agrees to a lesser value in writing. An owner aggrieved by the decision of the board or advisory board with respect to this item may appeal to the Administrative Law Court, where the matter must be heard as a contested case. Section 484370. (A) The interest in land acquired must be held by an eligible recipient. (B) The bank may not hold or possess any interest in land or other interests in real property, except for mortgage interests as security for loans made by the bank as provided for in subsection (J), and leasehold interests in office space secured for bank operations and staff. (C) The bank and eligible recipients receiving monies from the bank must retain all records of acquisition of interests in land with funds provided by the bank including, but not limited to, surveys, inventories, appraisals, title and title insurance policies, environmental assessments, closing documents, and contracts. (D) The bank must be named as an insured on a title insurance policy acceptable to the board and obtained by the loan recipient for loans it makes to eligible recipients. The bank must be indemnified as to title in the amount of any grants it makes to eligible recipients, and this indemnification must be secured by a title insurance policy acceptable to the board and obtained by the grant recipient. These requirements for title insurance and indemnification as to title may be waived by the board in extraordinary cases where insurable title is unobtainable, the risk of adverse claims to title are small, the land in question presents a particularly valuable conservation opportunity according to the purposes of this article and the criteria of Section 484360, and the cost of the interest in land acquired reflects the lack of insurable title. (E)(1) In order to identify potential liability pursuant to applicable state or federal environmental laws or regulations, an environmental hazard assessment must be conducted on the lands before the disbursement of bank funds for the acquisition of an interest in such lands.