In the acquisition of historic structure (e.g. depot building), what is the maximum amount of money under TEA that can be use to purchase historic structures?
No maximum amount exists. However, an appraisal of the building will need to be obtained by the sponsor and reviewed by the North Carolina Department of Transportation (NCDOT). The fair market value, as determined by the NCDOT, will be the maximum amount paid toward the cost of the structure. Keep in mind that only a certain amount of money is available in each region (eastern, western, central and statewide), and funding cannot exceed the amount of funds allocated for a particular region.
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