Relating to the acquisition of real property by a private entity with eminent domain authority.

HB 5245 requires private entities (like utility companies) with eminent domain authority to make fair initial offers when acquiring property for public projects. Specifically, they must include compensation based on either a certified appraiser’s valuation or data from three recent comparable property sales, along with supporting documentation like market analyses. Property owners must receive detailed notices about negotiation terms and the basis for the offer amount. This bill directly affects both private entities seeking to acquire land and property owners facing potential takings. It aims to standardize compensation transparency before negotiations begin.