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“I’VE GOT THE HORSE RIGHT HERE” Condemning a Racetrack Part II – Valuing a Specialty

          In my prior blog on April 4, 2019, I wrote about the City of Baltimore’s proceedings to condemn the Pimlico Race Course and the “Preakness Stakes.”  One of the issues discussed was what would be the measure of damages the City would have to pay as just compensation.  I wrote that a racetrack should qualify as a specialty.  The valuation of property as a specialty requires the summation method.  One would calculate the depreciate value of the physical improvements and add that value to the land.           One of… read more

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“I’VE GOT THE HORSE RIGHT HERE” Condemning a Racetrack By Michael Rikon

The City of Baltimore has commenced eminent domain proceedings to condemn the Preakness Stakes horse race and the Pimlico racetrack.  It seems that the owners were intent on moving the Preakness Race out of the City.  The racetrack is in a rundown condition.  The Maryland Stadium Authority issued a report saying the Pimlico track should be torn down and rebuilt at a cost of $424 million.            Maryland law requires that the track be in Baltimore except for disaster or emergency.  Among the various charges levied is that the owners… read more

Posted in Going Concern, Intangible Property, Racetracks, Uncategorized
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          The Second Department decided Matter of Klein v County of Suffolk, ____ AD3d ____, 2010 NY Slip Op 01413 on February 27, 2019.  Klein concerned a claimant’s request to obtain all appraisals that the County may have had prepared for the subject property.  The order appealed from directed the County to produce “all appraisals, and not limited only to those submitted.”  The County acquired an easement over a portion of the claimant’s property located on Fire Island as part of a federally funded construction project to reduce hurricane and… read more

Posted in Cross Examination, Impeachment of Appraiser, Prior Appraisals, Uncategorized
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          The California High-Speed Rail Project was authorized by the State Legislature and signed by Governor Arnold Schwarzenegger on August 26, 2008.  The bill was submitted to California voters and approved.           The first phase of the Project was to link San Francisco with Los Angeles and Anaheim.  Up tot 24 stations were authorized.  Phase 2 was to extend north from the Central Valley to Sacramento and east from Los Angeles through Inland Empire and then south to San Diego.  The total system length would have been approximately 800 miles…. read more

Posted in Abandonment Of Condemnation, California Bullet Train, Uncategorized
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“We’re Going to Build a Wall and Mexico is Going to Pay for It” – Not So, You are Going to Pay for It.

The immediate construction of a physical wall between Mexico and America was authorized by Presidential Executive Order on January 25, 2017, but there is no provision for funding from Mexico.  The President is asking congress for $4.1 billion through next year to begin construction of a wall, a project that may cost as much as $25 billion, plus annual repairs. A sea to sea barrier would require control of land along 2,000 miles.  This means that much land would have to be acquired by eminent domain.  As part of the… read more

Posted in Eminent Domain, Gateway Project, Uncategorized, Walls
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