Property Types Industrial
May 6, 2008
In an eminent domain proceeding that began just after Florida tightened its eminent domain laws, a jury has awarded $67 million to Keystone Coal, according to Brigham Moore L.L.P., the law firm representing the firm. This is the largest eminent domain jury verdict ever in circuit court in the state of Florida, according to the report. For the past few years, Keystone has been involved in a hotly-disputed eminent domain battle with the Jacksonville Port Authority (Jaxport), which is conducting a slow take of Keystone’s 70-acre property along the St. Johns River. Keystone intended to develop it into a large-scale coal/bulk cargo terminal. Although Keystone challenged the taking, the courts decided to allow it in 2006. On April 21, 2008 a jury trial began to determine the value of the property. Jaxport valued the property at $17 million. In a slow take eminent domain proceeding, the condemning authority has the right to wait until a valuation to make a final decision about whether to take the property. The problem was, there weren’t any properties as strategically located as the Keystone property from which to compare for valuation purposes, although the appraisers went beyond Jacksonville to Charleston, S.C., Savannah, Ga. and Tampa, Fla. to locate sales. Jaxport’s lawyers argued heavily that Scholl’s bargain price paid in 2005 was the market value as of 2008.
In an eminent domain proceeding that began just after Florida tightened its eminent domain laws, a jury has awarded $67 million to Keystone Coal, according to Brigham Moore L.L.P., the law firm representing the firm. This is the largest eminent domain jury verdict ever in circuit court in the state of Florida, according to the report. For the past few years, Keystone has been involved in a hotly-disputed eminent domain battle with the Jacksonville Port Authority (Jaxport), which is conducting a slow take of Keystone’s 70-acre property along the St. Johns River. Keystone intended to develop it into a large-scale coal/bulk cargo terminal. Although Keystone challenged the taking, the courts decided to allow it in 2006. On April 21, 2008 a jury trial began to determine the value of the property. Jaxport valued the property at $17 million. In a slow take eminent domain proceeding, the condemning authority has the right to wait until a valuation to make a final decision about whether to take the property. The problem was, there weren’t any properties as strategically located as the Keystone property from which to compare for valuation purposes, although the appraisers went beyond Jacksonville to Charleston, S.C., Savannah, Ga. and Tampa, Fla. to locate sales. Jaxport’s lawyers argued heavily that Scholl’s bargain price paid in 2005 was the market value as of 2008.
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