Lowball Watch — Tennessee

The Nashville Post (Bizjournal.com) reports that the Tennessee Court of Appeal affirmed a trial court judgment awarding $30.4 million to Tower Investments for the taking of the Nashville Music Center, on the condemnor’s (Metropolitan Development & Housing Agency’s) evidence of value of $14.7 million, paid six tears ago. The condemnor had offered $14.8 million at trial. Eric Snyder, Court Upholds $30M Tab for Music City Center Land Purchase, Nashville Post, May, 2, 2013. Presumably, interest will be added to the amount representing the difference between the $14.7 payment and the $30.4 million award.

There was evidently an earlier trial in which a jury awarded $16.1 million, but that judgment was reversed by the Tennessee Court of Appeals.

The bizjournal.com report is rather sketchy and does not report what factual or legal issues caused the large disparity between the parties’ respective opinions of value.

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