SB 2120

In an action brought by an airport authority to acquire real property by eminent domain, this bill requires the property owner of the subject real property to select a certified property appraiser for purposes of assessing the value of the real property subject to condemnation. If the court finds that a second appraisal is needed to accurately and equitably de termine the value of the real property subject to condemnation, then the court must appoint an independent certified property appraiser to assess th e value of the real property. This bill requires e ach appraisal to be based on comparable properties that have not been depressed in value due to airport authority acquisitions in proximity to the real property that the airport authority is seeking to acquire. The court must order that the costs associated with each ap praisal used in the condemnation proceeding is to be paid by the airport authority seeking to acquire the real property. In determining the value of the subject real property for purposes of calculating damages, this bill requires the jury to base the value of the real property on the average assessed value of the certified appraisals admitted in the proceeding and multiplying the average assessed value by 150%. RELOCATION COSTS In an action brought by an airport authority to acquire real property by eminent domain, this bill requires the jury to award reasonable damages to the real property owner based on the costs to relocate the owner's personal property, if any, that is located at the subject real property, including residential and business personal property and business inventory and fixtur es. In order t o establish such damages, the property owner is required to submit no less than three competitive estimates from contracto rs to relocate the owner's personal property. This bill requires t he court to order that the costs, if any, associated with obtaining each estimate for the relocation of personal property is to be paid by the airport authority seeking to acquire the real property. LOST WAGES AND PROFITS In an action brought by an airport authority to acquire real property by eminent domain, if the owner of the real property operated a business on the real property, then this bill authorizes the owner of the subject real property to petition the court for consideration of an award of reasonable damages based on lost wages and profits, if any, as the result of the relocation of the business. If the court approves the owner's petition, then the jury is permitted to consider testimony , sworn affidavits, busi ness records, and other evidence at the discretion of the court. INCREASED INTEREST RATE In an action brought by an airport authority to acquire real property by eminent domain, this bill authorizes the owner of the subject real property to petition the court for consideration of an award of reasonable damages based on the difference between the owner's interest rate for a residential or business loan, if any, in existence at the time of the initiation of the condemnation proceedings and th e interest rate for a new residential or business loan as a result of the relocation of the property owne r's residence or business. If the court approves the owner's petition, then this bill requires the jury to consider no less than three interest rate estimates or actuarial damage assessments from or prepared by financial institutions or other qualified financial experts provided by the owner of the subject real property and any other evidence at the discretio n of the court. The jury may base an award of damages only on the estimated increase in amortized interest over the remaining term of the owner's residential or business loan i n existence at the time the condemnation action was initiated. The court is authorized to award the costs of any estimates or assessments to the owner of the subject real property. ATTORNEYS' FEES AND COSTS AND OTHER DAMAGES In an action brought by an airport authority to acquire real property by eminent domain, this bill requires the court to award reasonable attorneys' fees and costs to the owner of the subject real property if the subject real property cannot be acquired by the airport authority or if the airport authority withdraws its petition to acquire the real property. Th e court may also award additional damages to the owner of the subject real property if the court finds that the award of damages calculated is insuff icient to make the owner of the real property financially whole as the result of the property acquisition by eminent domain.