Within 60 days after receipt of a completed corridor permit application, the layout authority or its designated agent shall:
I. Determine that the impact of the proposed development on highway design planning and impact on the cost of possible acquisition is not substantial, and issue the permit;
II. Notify the applicant of its intent to take an interest in all or part of the land or other property, in which case, the date of notification shall constitute the date of valuation for taking purposes; or
III. Reach agreement with the applicant on some alternative action.