(a) The State Highway Commission is authorized to sell in the manner provided by § 27-67-321 real or personal property, or an interest in real or personal property, which has been declared by commission resolution to be surplus and for sale.

(b) (1) (A) The owner from whom the property was acquired or his or her heirs, successors, or assigns shall be notified:

(i) In writing at their last known address; or

(ii) By:

(a) A one-time publication in one (1) newspaper either in the county where the real property is located or if a county newspaper does not exist, in one (1) newspaper of statewide circulation; and

(b) A publication placed on the website of the Arkansas Department of Transportation for a period of twenty-one (21) consecutive calendar days.

(B) The newspaper publication required under subdivision (b)(1)(A)(ii) of this section shall:

(i) Identify the real property by:

(a) Legal description consisting of job number and tract number; and

(b) Physical address, if available; and

(ii) Contain a reference or website link to the publication required under subdivision (b)(1)(A)(ii) of this section on the website of the Arkansas Department of Transportation.

(C) The publication placed on the website of the Arkansas Department of Transportation as provided under subdivision (b)(1)(A)(ii) of this section shall contain the legal description of the real property in metes and bounds.

(2) Within sixty (60) days after written notice or publication the owner from whom the property was acquired or his or her heirs, successors, or assigns shall have the option to purchase the property.

(3) If the option to purchase under this section is not exercised within sixty (60) days of written notice or publication, the State Highway Commission may proceed to dispose of the property at public sale or by a negotiated sale.

(c)

(1) When an entire right-of-way parcel is declared surplus, it may be reacquired under this option by refunding the price for which it was acquired by the State Highway Commission.

(2) When only a remnant or portion of the original acquisition is declared surplus by the State Highway Commission, it may be reacquired at its market value at the time it is declared surplus.

(3) The market value shall be determined by three (3) appraisers certified or licensed under § 17-14-101 et seq.

(d)

(1) When real property or a portion of the real property held as a capital asset by the State Highway Commission is later declared surplus, the owner from whom the property was acquired or his or her heirs, successors, or assigns shall be notified as required under subdivision (b)(1)(B) of this section.

(2) The market value of the real property and improvements at the time the real property is declared surplus shall be determined by three (3) appraisers certified or licensed under the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq.

(3) The option to purchase authorized under subsection (c) of this section shall not apply to a capital asset.

(4) As used in this subsection, "capital asset" means real property acquired by the State Highway Commission and improved by the State Highway Commission with offices, shops, storage yards, or other necessary or auxiliary facilities, or property purchased as an uneconomic remnant.

(e) When any real or personal property acquired for state highway purposes is either sold or returned to the owner from whom it was acquired and the price paid is refunded, any county that participated in the cost of the acquisition of the property shall share in the amount obtained from the sale, or the amount refunded, in the proportion in which it shared in the cost of acquisition.

(f)

(1) The transfer of surplus rail and other railroad track material purchased in part with federal transportation enhancement funds and granted to the State Parks, Recreation, and Travel Commission or the Department of Parks and Tourism, or both, by the State Highway Commission shall not be subject to the procedures set forth in subsections (a)-(e) of this section.

(2) Surplus rail and other track material described under this subsection may be transferred by gift or contract to a regional intermodal facilities authority, a metropolitan port authority, or a planning and development district.

(3) The purposes of this subsection shall be satisfied upon:

(A) The adoption of a resolution by the State Highway Commission that the transfer will promote the continuation of rail service, economic development, or industrial growth; and

(B) A transfer document executed by the State Parks, Recreation, and Travel Commission or the Department of Parks and Tourism, or both.