Section 235 - Approval of projects1. Rail preservation or local street or highway projects shall be undertaken pursuant to this article only with the approval of the commissioner, and in the case of municipal projects for rail preservation, or local street or highway projects, pursuant to an approved contract for state assistance.2. In reviewing rail preservation projects, the commissioner shall give due consideration to: a. the urgency of the need for preserving or improving commuter and intercity rail passenger and rail freight services;b. the age and condition of the railroad capital facilities to be acquired, reconstructed or improved by the project;c. the economic feasibility of maintaining or improving commuter and intercity rail passenger or rail freight services in relation to the project; and d. whether the project is part of, or consistent with, the statewide comprehensive master plan for transportation.3. In reviewing local street or highway projects, the commissioner shall give due consideration to: a. the urgency of the need for preservation and improving the local street, highway or bridge in order to make it more energy efficient, safer and economical to maintain and operate; and b. whether the project is part of, or consistent with, the statewide comprehensive master plan for transportation.4. With respect to any municipal rail preservation project, or a local street or highway project, the state may finance the total cost thereof or such lesser amount as may be set forth in the appropriation or as may be established by the legislature by legislative act or by the the commissioner pursuant to contract. In the event no local share is specified in the appropriation of funds for the local street or highway projects or by another act of the legislature, then the local share shall be determined by the commissioner on the same basis and criteria utilized for the safer off system road program.