Why does the agency have the power of eminent domain (condemnation of property)?
Eminent domain or condemnation is the right of a government to take private property for public use in exchange for just compensation. Agencies may use this redevelopment tool to assemble many separate parcels of land into a site large enough for their needs in order to reduce or eliminate a blighting condition.
Private developers seldom can assemble many separate parcels of land into a site large enough for their needs. One small “hold out” can refuse to sell at any price and block the entire development. The agency can, if necessary, use its power of eminent domain to acquire the hold-out parcel at fair market value and permit the development to proceed in order to reduce or eliminate a blighting condition.
Private developers can seldom assemble many separate parcels of land into a site large enough for their needs. One small “hold out” can refuse to sell at any price and block the entire development. The Agency can, if necessary, use its power of eminent domain to acquire the holdout parcel and permit the development to proceed in order to reduce or eliminate a blighting condition.
Private developers seldom can assemble many separate parcels of land into a site large enough for their needs. One small “hold out” can refuse to sell at any price and block the entire development. The agency can, if necessary, use its power of eminent domain to acquire the hold-out parcel and permit the development to proceed in order to reduce or eliminate a blighting condition.
