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2006 SESSION

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HB 748 Spot blight abatement; condemnation.

Introduced by: Harry R. Purkey | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Spot blight abatement; eminent domain.  Provides that for purposes of determining just compensation for property condemned pursuant to spot blight abatement provisions, the value of the property condemned shall be determined as follows: (i) 50% of compensation to be based on the fair market value of the property at the time of condemnation, (ii) 25% of compensation to be based on projected fair market value of the land one year after completion of the redevelopment project, and (iii) 25% of compensation to be based on projected value of the land three years after completion of the redevelopment project.


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