Intangible value is what is going to be discussed today as a panel comprised of people familiar with the land use laws and projects in Connecticut.

Brian Lockhart of the Advocate reports:

Starting today, a task force of land-use attorneys, appraisers and redevelopment experts will meet in Hartford to take up a loose end from the General Assembly’s recent overhaul of eminent domain laws.

The new law imposes several restrictions on how municipalities seize property - including requiring a two-thirds approval from its legislators and prohibiting cities and towns from taking property for tax purposes only.

The 13-member group, assembled by state Property Rights Ombudsman Robert Poliner, will spend the next few months researching whether Connecticut should join California in reimbursing businesses affected by eminent domain for a loss of “good will.”

California, which has been calculating good will since the 1970s, defines it as “the benefits that accrue to a business as a result of its location; reputation for dependability, skill or quality; and any other circumstances resulting in retention of old or acquisition of new patronage.”

Florida and Louisiana offer limited compensation for “business damages” and interrupted revenue.

“Businesses that are in buildings being taken (by eminent domain) are compensated to the extent they own an interest in the real estate. If they don’t, they then have a right to relocation expense reimbursement,” Poliner said. “But under Connecticut’s law and, frankly, under most states’ laws, there’s no reimbursement for intangible property losses.”

source: Advocate Eminent domain panel to focus on businesses, by Brian Lockhart, August 29, 2007