Lowball Watch – California

The numbers in the case of Community Redevelopment Agency of Rancho Cordova v. Lily Co., a taking of 9.85-acre parcel for redevelopment, speak for themselves.

Agency’s pre-condemnation offer – $4.5 million, followed by its hiring of a new appraiser who dropped the figure to $2,152,000. Agency’s formal pre-trial offer after the condemnation case was filed – $3.1 million with propertry remediated. Owner’s formal demand – $5.9 million as is.  (Property was in the process of remediation by the owner).

Jury verdict – $9.66 million, minus $1.77 for completion of remediation, for a net of $7.89 million.

So the bottom line is a net award of $7.83 million, as opposed to the Agency’s original offer of $4.5 million. Which according to our calculator comes to an increase of $3.33 million. But if you recall that the Agency dropped its pre-litigation offer to $2,152,000, the increase on that basis was $5,678,000, or over 2.6 times the prelitigation offer.

 

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  1. Pingback: Rancho Cordova Redevelopment Agency Hit With Big Eminent Domain Jury Verdict | California Eminent Domain Report

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