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

Summary

A State or a local public agency may take over an interstate toll bridge and its approaches, plus any land needed for it, if the Secretary of Transportation finds the bridge was built by a private person, firm, or corporation. They can do this any time after the bridge is finished by taking it for public use. If the taking happens more than five years after completion, the payment cannot include goodwill or expected future profits. The payment is limited to: (1) actual construction costs for the bridge and approaches minus a fair deduction for depreciation; (2) actual costs to buy the land; (3) actual financing and promotion costs, but no more than 10 percent of the combined construction and land costs; and (4) actual costs for necessary improvements.