(1) Whenever a program or project to be undertaken by a displacing agency will result in the displacement of any person, the displacing agency shall provide for the payment of:
Actual reasonable expenses in moving himself, his family, business, farm operation,or other personal property;
Actual direct losses of tangible personal property as a result of moving or discontinuing a business or farm operation, but not to exceed an amount equal to the reasonable expenses that would have been required to relocate such property, as determined by the displacing agency;
Actual reasonable expenses in searching for a replacement business or farm; and
Actual reasonable expenses necessary to reestablish a displaced farm, nonprofit organization, or small business at its new site in accordance with criteria to be established by the department of transportation, but no more than:
For a project administered or overseen by the department of transportation, fifty thousand dollars;
For any other project, ten thousand dollars.
Any displaced person eligible for payments under subsection (1) of this section whois displaced from a dwelling and who elects to accept the payments authorized by this subsection (2) in lieu of the payments authorized by subsection (1) of this section may receive a moving expense allowance determined according to a schedule established by the displacing agency.
Any displaced person eligible for payments under subsection (1) of this section whois displaced from the person's place of business or farm operation and who is eligible under regulations established by the department of transportation may elect to accept the payment authorized by this subsection (3) in lieu of the payment authorized by subsection (1) of this section. Such payment shall consist of a fixed payment in an amount to be determined according to regulations established by the department of transportation; except that such payment shall not be less than one thousand dollars nor more than twenty thousand dollars. A person whose sole business at the displacement dwelling is the rental of such property to others shall not qualify for a payment under this subsection (3).
Source: L. 71: p. 673, § 1. C.R.S. 1963: § 69-10-3. L. 85: (3) amended, p. 1193, § 1, effective June 6. L. 89: IP(1) and (3) R&RE, (1)(b), (1)(c), and (2) amended, and (1)(d) added, pp. 1078, 1079, §§ 4, 5, effective March 31. L. 91: (1)(d) and (3) amended, p. 1065, § 29, effective July 1. L. 2012: (1)(d) amended, (HB 12-1012), ch. 161, p. 567, § 1, effective May 3. 24-56-104. Replacement housing for homeowners. (1) In addition to payments otherwise authorized by this article, the displacing agency shall make an additional payment not in excess of twenty-two thousand five hundred dollars to any displaced person who is displaced from a dwelling actually owned and occupied by such displaced person for not less than one hundred eighty days prior to the initiation of negotiations for the acquisition of the property. Such additional payment shall include the following elements:
The amount, if any, which when added to the acquisition cost of the dwelling acquired equals the reasonable cost of a comparable replacement dwelling. All determinations required to carry out this paragraph (a) shall be determined by regulations issued pursuant to section 24-56-108.
The amount, if any, which will compensate such displaced person for any increasedinterest costs and other debt service costs which such person is required to pay for financing the acquisition of any such comparable replacement dwelling. Such amount shall be paid only if the dwelling acquired by the displacing agency was encumbered by a bona fide mortgage or deed of trust which was a valid lien on such dwelling for not less than one hundred eighty days immediately prior to the initiation of negotiations for the acquisition of such dwelling.
Reasonable expenses incurred by such displaced person for evidence of title, recording fees, and other closing costs incident to the purchase of the replacement dwelling, but not including prepaid expenses.
(2) The additional payment authorized by this section shall be made only to such a displaced person who purchases and occupies a replacement dwelling which is decent, safe, and sanitary not later than the end of the one-year period beginning on the date on which he receives final payment of all costs of the acquired dwelling or on the date on which he moves from the acquired dwelling, whichever is the later date; except that the displacing agency may extend such period for good cause. If such period is extended, the payment under this section shall be based on the costs of relocating the person to a comparable replacement dwelling within one year of such date.
Source: L. 71: p. 674, § 1. C.R.S. 1963: § 69-10-4. L. 89: IP(1), (1)(a), (1)(b), and (2) amended, p. 1079, § 6, effective March 31.