To get more money for road and bridge projects, the Missouri Department of Transportation (MoDOT) has been getting more involved in the real estate business by selling off excess land.
Among the tracts MoDOT is selling are a half-acre site in Miller County and two locations in Camden County, with one of the pieces of property having an asking price of nearly a half-million dollars.
The three Lake of the Ozarks area sites are:
• 51,423 square feet on the Osage Beach Parkway. The Camden County site, which is located next to Autozone, would best be suited for commercial use, MoDOT says. The location, which has shared access from Osage Beach Parkway, has an asking price of $433,500.
• 3.44 acres in Camden County. The tract is located in the southwest quadrant of the intersection of Pier 31 Road and Route 5. Access to the site is from Pier 31 Road. The probable use of the site, MoDOT says, is commercial or industrial use.
• 0.52 acres in Miller County. The tract is located just west of Brumley along the south side of Route 42. The location, which MoDot says could have a variety of uses, has access from Swinging Bridges Road off Route 42. Sealed bids are being accepted on the property through May 30.
Excess land is property that MoDOT originally acquired for a transportation project or other operational need such as a maintenance facility. The property becomes excess when MoDOT determines that it will no longer be necessary for a transportation project or other operational need.
"MoDOT has disposed of excess property annually, but in late 2008, the department began a more aggressive effort and put the money from the sales to road and bridges," said Greg Wood, MoDOT right of way liaison. "Every little bit helps, especially as less revenue becomes available for transportation."
Excess land is sold at auction, either by an oral public auction or a sealed bid auction, by a real estate broker or marked for sale by MoDOT. Under certain circumstances, excess property may be offered for sale directly to adjoining property owners. It may also be offered for direct sale to public agencies if the property is to be used for a public purpose.
There is a minimum bid, though sometimes it may be unannounced.
"Since 2008, we have tripled the number of conveyance each year," Wood said. "Before 2008, we had sold an average of 100 parcels per year. Since 2008, we have been doing 300 parcels per year. Revenues have also increased each year. From July 2008 to now, we have gotten $28.6 million."
Proceeds from the sale of excess land are deposited in the Missouri Department of Revenue-Credit State Road Fund and used for future transportation projects.
"While it may seem insignificant in terms of all the work we do, the money does help because it goes back to the district where the property was sold from," Wood said.
Wood also said they have ramped up efforts to market properties and the numbers of live auctions they do as well as sealed bids on properties.
"Selling excess right of way saves money and reduces maintenance and liability costs," he said. "Plus, it puts property back on tax rolls at the local level. Farmers have bought land to store equipment on and businesses have re-established or established businesses on these properties."
To find out more about MoDOT excess land sales, go to modot.org and look for the "realty for sale" link.