Section 3.822 - Purchase of real property; option agreements and payments; payment of reasonable relocation costs; discontinuing option agreements and other activities(1) The commission shall purchase all real property necessary for the construction and operation of the superconducting super collider at the fair market value of the property.(2) If the acquisition of a portion of a particular parcel of real property in fee simple under subsection (1) would destroy the practical value or utility of the remainder of that parcel, or reduce the fair market value of the entire parcel by greater than 50%, the commission shall offer to acquire the entire parcel.(3) The commission shall offer to enter into option agreements and pay property owners option payments on all parcels of real property to be acquired in fee simple necessary for the construction and operation of the superconducting super collider at a price of 5% of fair market value of the property, but not less than $500.00, if the option agreement is signed by the property owner within 60 days of the offer. If Michigan is chosen as the final site of the superconducting super collider, the commission shall offer option payments by no later than April 1, 1990 to property owners for property to be acquired. The option payment shall not be applied against the purchase price of the property if the option is exercised. The terms of the options shall include a provision that the option shall extend for a period of 1 year after the date the option agreement is signed by the property owner. The option agreement shall also provide that the option will terminate immediately upon the official announcement by the president of the United States or the president's designee that this state has not been chosen by the federal government as the site for the superconducting super collider. Within 90 days after an option on a parcel of real property is terminated, the state shall clear the title of the property as it relates to that option.(4) The commission shall pay all reasonable relocation costs incurred as a result of the superconducting super collider pursuant to the uniform relocation assistance and real property acquisition policies act of 1970, Public Law 91-646, 42 U.S.C. 4601 to 4602, 4604, 4621 to 4633, 4635 to 4636, 4638, and 4651 to 4655.(5) Upon the official announcement by the president of the United States or the president's designee that Michigan has not been chosen as the site of the superconducting super collider, the commission shall not offer to enter into any additional option agreements with property owners pursuant to subsection (3) and shall discontinue any activities related to the surveying, appraisal, or acquisition of land for the superconducting super collider.Add. 1988, Act 274, Imd. Eff. 7/15/1988.