The first intelligent comment I have read in this thread.
Isn't there a bill pending in Congress that would establish some definitions on what constitutes "the public interest" and set some boundries to "eminent domain" takings?
I like the 3 x FMV parameter set by the locality you mention for compensating private property owners. Not that it would stay a major development project but it would at least make the local government think twice about using the power of eminent domain capriciously.
Of course, the best way to deal with a heavy handed local council is to vote them out of office and then seize THEIR property for the "public good."
The fair market value of your car is 20 thousand dollars.
I see you driving it and like it--a lot--so I follow you and tell you I want to buy it. I offer you 20K.
You say `No'.
I say, `I'm taking it anyway. If you won't sign, I'll get a court Order.'
If I understand you, apparently neither of you have a problem with a private developer doing just that to the homeowners here, because it's "not stealing" and we can just vote out the offenders.