And if you live in a single-family home and can walk to this market, watch out, they’ll be coming after your property next.
After they spend $2.5 million on acquiring this guy’s land, they’ll need to increase the density of the surrounding area to provide the bodies to shop at the municipally-owned market to “re-coup their investment”. As Rush says, “Don’t doubt me on this”.
It all boils down to “fair market value”. If the village did its homework then they will generate of what they or their appraiser deems an offer of FMV. This is the starting point for negotiations. The owner can then propose their own FMV.
During this time the Village Council can take a legal action which says that they deem the purchase of this property to be in the public’s best interest and vote to initiate ED process. This is not the same as getting an court order but only the beginning of the process especially if the owner has lawyered up.
In the end if it does see the inside of a courtroom typically the judge will split the baby and the city will pay about their original offer plus the half of what the owner wanted.
Although the village must have documented everything in the offer the owner can go in on emotion and sentimental value.
At least that is the way I have always done it.