Condemnation; offer to repurchase. (HB183)

Introduced By

Del. Bob Marshall (R-Manassas)

Description

Condemnation; offer to repurchase. Provides that if a condemnor has acquired a fee simple interest in property by exercise of its power of eminent domain and subsequently fails to use the property for the declared public use for which it was condemned within three years of being vested with the title to such property, the condemnor shall offer, within 30 days following such determination, to sell such property to the former owner. The offer to sell shall be made by the condemnor at the price paid by the condemnor to the former owner plus interest at the annual rate of six percent; provided that the condemnor may increase the price by the fair market value of the condemnor's improvements, determined at the time the offer to sell is made. If a condemnor has acquired a fee simple interest in property by exercise of its power of eminent domain and subsequently fails to use the property for the declared public use for which it was condemned within 15 years of being vested with the title to such property, the condemnor shall offer, within 30 days following such determination, to sell such property to the former owner. The offer to sell shall be made by the condemnor at the fair market value of the property and improvements at the time of the offer. Read the Bill »

Outcome

History