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IN SB0222
Bill
Status
1/6/2016
Primary Sponsor
Doug Eckerty
Click for details
AI Summary
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State educational institutions (Ball State, Indiana State, Indiana University, Ivy Tech, Purdue, University of Southern Indiana, and Vincennes University) must pay fair market value for real property and improvements before acquiring property through eminent domain that contains an operating business.
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Institutions must compensate business owners for loss of business value as a going concern unless the institution proves the loss was not caused by the taking or that the loss can be reasonably prevented by relocating the business to a similar suitable location.
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Business owners are not entitled to compensation for losses they could have prevented through reasonable actions, or for losses mitigated by relocating to a comparable location.
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If the property owner is not the business owner, the business owner must receive copies of all required documents and be named as a defendant in any eminent domain action.
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The institution must include compensation amounts and supporting calculations in any purchase offer, and if disagreement exists over compensation, either party may file a complaint with the circuit court; compensation is subject to appeal and review.
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The law becomes effective July 1, 2016, and does not apply to property primarily used for residential rental.
Legislative Description
State university use of eminent domain. Provides that before a state supported college or university may acquire property that contains an operating business (other than a business that primarily consists of renting residential property) through the use of eminent domain, the college or university must pay to the owner of the property: (1) the fair market value of the real property and all improvements pertaining to the real property; and (2) compensation for the loss of the value of the business as a going concern, unless the college or university establishes that the loss of the value of the business
Last Action
First reading: referred to Committee on Civil Law
1/6/2016