§ 42-64.12-8 - Compensation for eminent domain takings for economic development purposes.
SECTION 42-64.12-8
§ 42-64.12-8 Compensation for eminentdomain takings for economic development purposes. – Owners of property taken for economic development purposes shall be compensatedfor:
(a) A minimum of one hundred fifty percent (150%) of the fairmarket value of the real property.
(b) Expenses incidental to transfer of ownership to theacquiring entity, including, but not limited to, recording fees and transfertaxes, evidence of title and surveys and legal descriptions, penalty costs andother charges for prepaying mortgages entered into in good faith, a pro ratashare of any prepaid property taxes or assessments for public utilities.
(c) Relocation expenses, including, but not limited to,actual, reasonable and necessary moving and reestablishment expenses.