Eminent Domain Issue

[kesleke]

What is the name of your state? Georgia

I had some land that was taken by the state for the purposes of building a proposed highway that later died. Now the state has declared it surplus property and are seeking forgiveness from the feds for the loan they took to purchase all the land. If they get the forgiveness they have in essence paid nothing for my property but stand to make a ton if sold at fair market value.

1. Do I have rights of first refusal?

2. The state paid me $25K per acre for the land that is now valued at $130K per acre (total of 16 acres). Do they have the right to charge me market price if I do have rights of first refusal or do I get it back at the price they paid me?

 

[HomeGuru]

What is the name of your state? Georgia

I had some land that was taken by the state for the purposes of building a proposed highway that later died. Now the state has declared it surplus property and are seeking forgiveness from the feds for the loan they took to purchase all the land. If they get the forgiveness they have in essence paid nothing for my property but stand to make a ton if sold at fair market value.

1. Do I have rights of first refusal?

2. The state paid me $25K per acre for the land that is now valued at $130K per acre (total of 16 acres). Do they have the right to charge me market price if I do have rights of first refusal or do I get it back at the price they paid me?

**A: you got paid for your property so it's a done deal.

 

[lukeroberts]

But the poster was forced to sell via the eminent domain, shouldn't this change things? Poster has property valued at ~100K/acre, gov't plans road, value drops to 25K/acre due to road, poster gets 25K/a, gov't decides not to build road and sells land at massive profit. If it is legal, sounds like more municipalities should be doing this to make some money.

 

[HomeGuru]

But the poster was forced to sell via the eminent domain, shouldn't this change things?
**A: no.
*******

Poster has property valued at ~100K/acre, gov't plans road, value drops to 25K/acre due to road, poster gets 25K/a, gov't decides not to build road and sells land at massive profit. If it is legal, sounds like more municipalities should be doing this to make some money.

**A: at best, the government, if adjudicated to sell the property back would be required to pay the same amount as when they bought it.
I agree that this would be an interesting court case.