(a) To ensure that a fair and reasonable price is paid for public acquisition of railroad rights-of-way, it is the intent of the Legislature to have railroad rights-of-way valuation procedures and guidelines developed and adopted for use when state and federal funds are expended.
(b) The Secretary of Business, Transportation, and Housing, in collaboration with other public agencies and within existing resources, shall develop recommended procedures and guidelines for valuation of railroad rights-of-way.
(c) The recommended procedures and guidelines shall be transmitted to the Legislature and Governor on or before March 1, 1994.