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Originally Posted by someone123
Are they legally entitled to acquire this land at market value? Is it just the "prorated" value based on the percentage of the lot? Sometimes if you carve up a lot, it's worth less than the sum of the new smaller parcels.
I'm also curious why this takes so long. Is it that HRM is unsure about proceeding, they're not able to do it functionally (actually complete the land acquisition), or they are being slow due to budget or other reasons?
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Well expropriation is the legal entitlement of government to acquire land at market value.
Preseumably they're going the route of negotiating with landowners first. I count +/- 57 affected properties, and while there are probably fewer total owners dues to some properties under shared ownership, that's still a decent chunk of negotiation to do. I can't imagine the negotiation with the Steele Group over the Colonial Honda lands is easy - it will be a pretty big impact on their operation.
It seems like the places where they have made good progress are with George Tsimikilis - this may be one instance where his "buy and tear down" M.O. is actually really good for the city.
My understanding is that the Province is helping fund a lot of this acquisition, so I don't think money is too much of an issue. But again, who knows - some of these properties are pretty valuable.