You may have heard this term brought up lately in the local news. The owner of a building in downtown Omaha, located on 18th and Howard is being forced to sell his building to the city. The County Board made the decision to use Eminent Domain to force the sale of building so they can demolish it to make way for a $120M juvenile justice center. Eminent Domain is the right of a government or its agent to expropriate private property for public use, with payment of compensation. Its use in this case has been widely talked about for a few reasons. One being that downtown architecture is considered precious by Omahans and it can’t be regained once destroyed. Secondly, the building owner plans to sue over the issue. He was initially offered $900K by the city for the property and turned it down. Eminent Domain has now made the building available for purchase at almost half that amount, as assessed by the County Assessor’s Office. And lastly, there is the consideration of the new structure being built elsewhere, leaving this man’s property and an Omaha gem in tact.
Let’s Talk About this Eminent Domain Thing…
© Mortgage Specialists.