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Senate Bill 0054
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DIGEST OF SB 54 (Updated January 26, 2012 4:19 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 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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