Senate Bill 0383
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DIGEST OF SB 383 (Updated February 26, 2013 3:29 pm - DI 84)
State university use of eminent domain. Provides that before a state supported college or university may acquire property that contains an operating business (other than a business that primarily consists of renting residential property) through the use of eminent domain, the college or university must pay to the owner of the property: (1) the fair market value of the real property and all improvements pertaining to the real property; and (2) compensation for the loss of the value of the business as a going concern, unless the college or university establishes that the loss of the value of the business as a going concern is not caused by the taking of the property or by injury to the owner's remaining property, or that the loss of the value of the business as a going concern can be reasonably prevented or mitigated by relocating the business or trade in the same or a similar and reasonably suitable location. Specifies that the compensation required does not include any compensation for a loss to the value of the business as a going concern that: (1) is mitigated by relocating the business or trade in the same or a similar and reasonably suitable location; or (2) could be prevented if the owner of the property takes the actions and adopts the policies that a reasonable, prudent person of a similar age and under similar conditions as the owner would take and adopt in preserving the value of the business as a going concern.
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