(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:
(a) Actual reasonable expenses in moving himself, his family, business, farm operation, or other personal property;
(b) 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;
(c) Actual reasonable expenses in searching for a replacement business or farm; and
(d) 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:
(I) For a project administered or overseen by the department of transportation, fifty thousand dollars;
(II) For any other project, ten thousand dollars.
(2) Any displaced person eligible for payments under subsection (1) of this section who is 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.
(3) Any displaced person eligible for payments under subsection (1) of this section who is 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).
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