Financial Miscellaneous 101: October 2007

Monday, October 22, 2007

Have You Ever Heard Of "Eminent Domain"?

Its really a terrible situation. Basically what it means is that the government can take your land or property. Here is a link to an article where business owners are facing this threat.

The power of eminent domain means that the government can acquire property from landowners whether they want to sell or not.

What is also interesting about this situation is that a proposed proposition was put on the ballot that would decrease the power of eminent domain but the proposition didn't pass - meaning that it didn't get enough votes (from the voters) to pass. Since the proposition to decrease the power of eminent domain wasn't passed then that means that the power of being able to take one's property by eminent domain is still there.

It also seems that a couple of the buildings are on the historic registry but can still be taken away by the eminent domain process.

There is an effort going on now to collect signatures for a ballot initiative that would prohibit governments from using eminent domain to buy property that would be turned over to private companies. Cities under the proposal still would be allowed to use condemnation powers to build hospitals, schools, roads and other public-use projects.

I believe that this is another reason why people have to get more involved in their community and use the power of their "vote". You may think that something like this won't affect you but indirectly it really does!

I do a lot of grant research work and unfortunately this is a darker side of the government and what it can do.

So far the situation is at a standstill. The eminent domain process takes some time to implement and in the meantime the government wants to be able to settle with the landowners but some of them do not want to move!

This is truly a "darker" side of the government - unfortunately!