How are property owners and tenants compensated if they must move for a project?
The LRA must pay fair market value for any property obtained through condemnation. If a fair price cannot be agreed upon, a court determines the fair market value. The LRA also pays relocation costs to businesses and residents. Relocation compensation includes a wide variety of costs such as business closure, new business cards and advertising the new address. Unlike the open market, in a reinvestment project, tenants have the same rights to relocation assistance as property owners and are justly compensated.
Related Questions
- How is "fair market value" calculated? Are property owners going to be compensated for only their property, or also the cost of moving and taking time off work?
- What penalties do property owners and tenants subject themselves to if their waste disposal practices are out of compliance?
- How are property owners and tenants compensated if they must move for a project?
