| 123rd MAINE LEGISLATURE | ||||||
| LD 960 | LR 799(01) | |||||
| An Act To Base Value in Eminent Domain Takings of Businesses on Going Concern Value | ||||||
| Fiscal Note for Original Bill | ||||||
| Sponsor: Rep. Giles of Belfast | ||||||
| Committee: Judiciary | ||||||
| Fiscal Note Required: Yes | ||||||
| Fiscal Note | ||||||
| State Mandate - Unfunded | ||||||
| 2007-08 | 2008-09 | Projections 2009-10 | Projections 2010-11 | |||
| Net Cost (Savings) | ||||||
| Highway Fund | $910,000 | $910,000 | $910,000 | $910,000 | ||
| Appropriations/Allocations | ||||||
| Highway Fund | $910,000 | $910,000 | $910,000 | $910,000 | ||
| State Mandates | ||||||
| Required Activity | Unit Affected | Costs | ||||
| The requirement that municipalities hire licensed appaisers in certain eminent domain proceedings and that appraisals encompass determination of the going concern value of a business would represent a state mandate. Costs for damages could be high. Any related activities (letters, meetings, site visits, legal services, staff time, etc.) necessary to the accomplishment of the new criteria would be considered mandated activities as well, even if the costs of those activities are minor. | Municipality | Significant | ||||
| Fiscal Detail and Notes | ||||||
| Beginning in fiscal year 2007-08, certain changes in the requirements of eminent domain proceedings will require an additional annual Highway Fund allocation of $910,000 for the Department of Transportation. | ||||||