The Town of Monument condemned a privately owned lot in a residential subdivision for the purpose of locating a water storage tank. The lot was subject to a restrictive covenant requiring that it remain residential in use and that only a single-family home could be built on it. Restrictive covenants are not unusual and are common in the development of planned unit communities. Restrictive covenants have significant and substantial impact on the use and value of property. In response to the Town’s condemnation proceeding, dozens of property owners in the… read more
June 10, 2020