(a) The commission by rule shall adopt criteria for determining the eligibility of real property for inclusion in the historic sites system.
(b) The commission may acquire by purchase or gift or in any other manner real property that satisfies the criteria adopted under Subsection (a).
(b-1) Before adding real property to the historic sites system under this section, the commission shall develop a funding plan for the restoration, interpretation, development, long-term operation, and preservation of the real property to be added to the historic sites system. The plan may provide for an endowment fund, or other sources of funding, as appropriate. The commission may not add the real property to the historic sites system unless there are adequate financial resources available or assured for the restoration, interpretation, development, long-term operation, and preservation of the real property.
(c) The commission may:
(1) renovate or restore real property acquired under Subsection (b), including improvements to the property; or
(2) construct new improvements on the real property as necessary and prudent.