With Billion-Dollar Blue Line On Fast Track, Property Owners Look For Path To A Fair Deal
CHARLOTTE, N.C., April 2, 2013 /PRNewswire/ -- Backed by a $580 million dollar check from the federal government, the state has fast tracked its plans for the $1.2 billion dollar light rail extension known as the Blue Line.
Property and business owners in the project's massive 9.3 mile path who wonder how they'll be compensated for their loss of property will get answers at an informational meeting on April 18th, at the Hilton Charlotte University Place.
The Blue Line could affect over 170 residences, businesses, and institutions resulting in partial or total losses of their property. Some business owners are already facing losses while preparing for their eventual closing or relocation. The Charlotte Observer recently interviewed bakery owner Dominica Clementi who commented that the expansion is "costing the bakery hundreds of thousands of dollars, both in investments it made in renovating the current space and in revenue lost while the bakery is closed in January."
According to the Charlotte Business Journal, "State money will pay 26 percent of the (total) cost, or $299 million, with the remaining 24 percent paid from local tax revenue. The majority of the local money — $250 million, accounting for 22 percent of the total price tag — comes from a half-cent transit tax."The NC Eminent Domain Law Firm will host a free informational session on Thursday, April 18 th at 7pm at the Hilton Charlotte University Place to answer property and business owners' key questions. Those questions typically include:* How will the value of my property be calculated?* Can I assume the offer for my property is fair?* How is fair-market value determined?* What if I lease space? Will there be allowances to move my business?* Should I get my own appraisal? Stan Abrams of the NC Eminent Domain Law Firm has worked on numerous eminent domain cases involving millions of dollars. Abrams says, "Large scale projects like this engender a lot of enthusiasm from our state's leaders, but it is important to remember that they come at the expense of citizens losing the homes and businesses they've worked so hard to build. It is essential that a project with such a lofty budget first and foremost fully compensate those it displaces." For more information about the meeting, please call the NC Eminent Domain Law Firm at 1-877-393-4990.
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