Eminent domain - Fair compensation?

[Kelly Douglas]

This is a legitimate case of condemnation for public use.

Here is the deal. An eminent domain move by the village will reduce our site by approximately 10%. We need to determine the fair market value of the land required (10%) and the loss of value to the remaining 90%.

Questions:
1. How is the fair market value assessed? How many appraisals are typically required?

2. With the 10% percent loss in usable land, how does this affect the value of the remaining 90%? Obviously it is reduced, but how is compensation figured in this situation?

3. The adjacent developer is required to negotiate with us in good faith, before the village will condemn the land needed for public use. For the adjacent developer to break ground, they need an agreement with our company to use 10% of our land for public improvements. In this case, how is “good faith” negotiating defined? Would it be more beneficial for the adjacent developer to half heartedly negotiate with us and to just let the village condemn the land?

4. Would it be better for us to actively negotiate with the adjacent developer or let it fall into the village’s hands to be negotiated?

Thank you for your help.