Sec. 1. 23 MRSA §6026 is enacted to read:

§6026.__Railroad company offer to purchase impaired-value

residential property

1.__Offer to purchase mandatory.__A railroad company shall offer to purchase any residential property that is:

A.__Located within 1,000 feet of the public right-of-way of a grade crossing, measured from the nearest intersection of rail with the edge of the public right-of-way to the nearest point on the boundary of the residential property, at which the sounding of whistles or horns routinely occurs; and

B.__Continuously advertised as for sale by the owner or a realtor, or both, and remains on the market and unsold for a period of one year.

2.__Purchase price.__The purchase price offered for any offer required under subsection 1 must be the lesser of:

A.__The price listed as the sale price; and

B.__A sum equal to the assessed value of the residential property plus an amount equal to the percentage of the assessed value by which the state valuation exceeds the current valuation assessed by the municipality in which the residential property is located.

3.__Failure to make offer. If a railroad company fails to make an offer as required in this section within 90 days of the one- year period set out in subsection 1, paragraph B, the owner of the property may initiate a civil suit in Superior Court.__Upon a finding that the railroad company failed to make the required offer, the court shall:

A.__Assess a fine of not less than $10,000 per day from the expiration of the 90-day period;

B.__Award costs and reasonable damages to the owner; and

C.__Compel the railroad company to purchase the property for the purchase price as set out in subsection 2.