Real Estate & Property Law

Good Faith Offer

By Alan Ackerman

News Dispatch

MICHIGAN CITY - A judge has ordered owners of the Weber Sign Service and Icehouse properties to select an appraiser to determine the value of properties at the corner of Michigan Boulevard and Eighth Street.

It's a win for the city, which has been trying to acquire those properties to begin development of the Trail Creek Corridor and had resorted to eminent domain to acquire them. The owners had challenged that in court.

Lake County Superior Court Judge Calvin Hawkins ordered both the property owners and the city to select their own appraisers by Oct. 27. The two appraisers will select a third appraiser and the three will agree on the property's value and submit it to the court by Nov. 2.

The values on urban renewal (park) cases can fall from extremely high to valueless, totally dependent on the short and long term demand of the area marketplace. The proximity to a casino raises additional issues, making the valuation process all the more difficult.

Full post as published by National Eminent Domain Blog on October 17, 2008 (boomark / email).