Hearing that the government wants to take the land on which you live is stressful, as you will need to figure out a new place to live if the condemnation is successful. However, if you run your own small business, learning there may be a condemnation of your business property can be even more worrisome. Whether you own or lease your business space, having the property condemned will require you to uproot your entire operation and find another location that is just as desirable. Such a move can cause an interruption in business and can greatly affect your profits, which can cause financial problems for you and your family.
For example, one Kentucky man built a small business out of his home into an interstate food distribution operation that reportedly brings in $400,000 on an annual basis. His business sits on seven acres and includes a warehouse, loading dock, and plans to expand onto the empty parts of the property. However, the city of Shelbyville, Kentucky is exercising eminent domain powers1 to seize the land for a “public project.” The city offered him $150,000 for the land and, not surprisingly, the owner is contesting the offer.
In such a situation, if condemnation is inevitable, small business owners have the right to fight to ensure they receive just compensation for their property under the law2 to ensure they have the capital to set up their business elsewhere. This is no easy task, however, the success of the business often depends on the compensation you are able to secure in the eminent domain action.
Call an Experienced Kentucky Eminent Domain Attorney for Help Today
Having your small business be the focus of an eminent domain action can completely change your life. Your hard work, livelihood, and financial well-being of your family may be in jeopardy and you do not want to risk losing significant value for your business and property. At the law office of Sever Walker Padgitt, LLP, our skilled Kentucky condemnation lawyers have helped many small business owners in Kentucky come out on top in these cases. For more information about how we can help you, please call us at 888-318-3761 today.
References:
1 http://www.whas11.com/news/local/small-business-owner-locked-in-eminent-domain-dispute-with-city/270026153
2 https://www.law.cornell.edu/wex/fifth_amendment
