Lowball Watch – Tennessee

Nashville Channel 5 reports in a sketchy dispatch that a local jury has awarded Tower Investments, the owner of a property being taken by eminent domain, $30,000,000, on the city’s evidence of $14,800,000.

For the entire news item click here

Follow up. For somewhat fuller coverage of this verdict see Nate Rau, Metro Busts Music City Center Land Budget, The Tennessean, July 23, 2011 — click here . We learn from this story that the condemning agency has been pursuing this project on “a very tight budget,” so it shouldn’t be too surprising that it may have underestimated the cost of this acquisition. It also appears that the agency underestimated its own attorneys fees by $300,000, “so far.”

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