MN HF106

Establishes a "buy the farm" option allowing property owners to require acquiring entities to purchase contiguous, commercially viable land they own when property is taken for intercity high-speed rail purposes.

Applies to agricultural homesteads, nonagricultural homesteads, nonhomestead agricultural land, rental residential property, and seasonal residential recreational property as defined in Minnesota Statutes section 273.13.

Owners must elect in writing within 60 days of receiving notice of the petition, and the acquiring entity has 60 days to object; if objected, district court determines commercial viability with the acquiring entity bearing the burden of proof.

Acquiring entity must divest completely of farming lands or lands capable of farming no later than when it receives market value less any diminution from the rail project's presence.

Allows owners to elect payment in up to 10 annual installments with 8 percent annual interest on unpaid balance, and provides that easement interests revert to the owner if unused for high-speed rail purposes for five years after acquisition.

Effective August 1, 2015, for acquisitions commenced on or after that date.