The New Jersey Journal-News (nj.com) reports that the New Jersey Supreme Court refused to hear the appeal of the Jersey City Redevelopment Agency. Terrence T. McDonald, Jersey City Eminent Domain Fight May be at an End With State Supreme Court’s Refusal to Hear Challenge, nj.com, October 20, 2011 – click here.
The Agency offered the owners $3.9 million back in 2004 for a 3.4-acre parcel with a view of Liberty State Park and downtown Manhattan. The trial court awarded $18.8 million. With interest, the award has grown to $21 million.
The award, without interest, is thus 4.7 times the Agency’s offer, and if you count the interest, it’s 5.3 times the offer.