Owners of property taken for economic development purposes shall be compensated for:
(1) A minimum of one hundred fifty percent (150%) of the fair market value of the real property.
(2) Expenses incidental to transfer of ownership to the acquiring entity, including, but not limited to, recording fees and transfer taxes, evidence of title and surveys and legal descriptions, penalty costs and other charges for prepaying mortgages entered into in good faith, a pro rata share of any prepaid property taxes or assessments for public utilities.
(3) Relocation expenses, including, but not limited to, actual, reasonable and necessary moving and reestablishment expenses.