Specifies the term limits for such members. Provides that the department of local affairs shall assume the powers of the board of the Moffat tunnel district no later than February 1, 1998. Grants the board of the Moffat tunnel district the authority to sell the property of the district until the department of local affairs assumes the powers of the board. After the department assumes the powers of the board, allows the department to sell the property of the district. Requires all sales of property of this district to be for fair market value.
Grants users the right to purchase real property of the district to the extent of their use.
Grants users a commercially reasonable right of first refusal to purchase, to the extent of their use, any real property interest offered for conveyance. States that anyone who purchases property takes it subject to existing licenses, leases, contracts for use, or other encumbrances. Allows costs incurred in connection with the sale of district property to be paid from the proceeds of the sale, as long as the costs do not exceed a specified percentage of the value of the property. Requires the remainder of proceeds from property sales to be distributed immediately to counties comprising the district in proportion to the taxes paid by each county and the city and county of Denver. Upon assuming the powers of the board, authorizes the department of local affairs to enter into and modify contracts for the use of the tunnel and to adopt reasonable rules relating to the tunnel, its approaches, and equipment.