§527 Acquisition of Interstate Bridges by Public Agencies; Amount of Damages

Summary

After a private group finishes an interstate toll bridge, the state where the bridge sits—or a state agency or local government there or next to it, alone or together—can take the bridge and its approaches by using the government's power to seize property. If the takeover happens more than five years after completion, the payment to the owner cannot include goodwill or expected future profits. Payment is limited to: the actual construction cost minus reasonable depreciation; actual land costs; actual financing and promotion costs up to 10 percent of the combined construction and land costs; and actual costs for needed improvements.