33.1-264 - Toll bridges may be purchased by Commonwealth.
§ 33.1-264. Toll bridges may be purchased by Commonwealth.
In addition to the power of eminent domain as provided by law for roads inthe State Highway System, the Commonwealth, acting through the CommonwealthTransportation Commissioner, may purchase any such bridge and the approachesthereto with the real estate and tangible personal property necessary fortheir proper operation, at such time as may be specified in the permitgranted for such bridge, or at the expiration of any two-year period aftersuch time, all at a price equal to the original cost, to be determined ashereinafter provided, less depreciation.
In order to exercise the right of the Commonwealth to purchase and take overany such bridge and approaches and real estate and tangible personalproperty, the Commonwealth, through the Commissioner, shall give to thepermittee, or its successor in title of record to such bridge and otherproperty, not less than two months' notice of its intention so to dospecifying the date on which the conveyance will be required. Title to suchbridge and approaches and property shall be vested in the Commonwealth freeof lien at the time set out in such notice and upon the payment or offer ofthe purchase price determined in accordance with this article, to suchpermittee or successor in title of record to such bridge and other property,or to the trustee or trustees, or mortgagor or mortgagees in any deed oftrust or mortgage on such property, or to the lien creditor or creditors, astheir interest may appear of record.
The original cost of such bridge and approaches and real estate and tangiblepersonal property shall be determined by the Commissioner and shall includethe actual cost thereof and an additional amount equal to interest at therate of six percent per annum on the amount actually invested by suchpermittee, or successor in title of record, in such property, or in hand forinvestment therein, during the period of construction. There shall beincluded in "actual costs" all costs including the cost of improvements,financing charges, cost of traffic estimate and of engineering and legalexpenses, plans, specifications and surveys, estimates of cost and ofrevenue, other expenses necessary or incident to determining the feasibilityor practicability of the enterprise, administrative expenses and such otherexpenses as may be necessary or incident to the financing of the project andthe placing of the project in operation. The Commissioner shall determine thedepreciation and the reasonableness of each item of "actual cost."
(Code 1950, § 33-224; 1956, c. 138; 1970, c. 322.)