New development opportunities mean a city is growing and companies are investing in its future.
Oklahoma City recently determined a site for the new convention center and hotel. The center, part of MAPS 3, means more events and conferences will consider Oklahoma City, which in turn contributes greatly to the local economy.
When looking at MAPS 3 developments, sometimes we must consider the need for land acquisition in the case of new buildings to be constructed on a site. When this happens, the Alliance for Economic Development of Oklahoma City and the city of Oklahoma City work together and negotiate with landowners to reach a fair purchase price, mutually agreed upon by both parties. Land acquisition is beneficial to both landowners and developers and ultimately serves Oklahoma City for the better, allowing landowners to invest the money earned from the sale into other land and allowing developers to create new additions to Oklahoma City’s landscape.
Where negotiations for fair market sale cannot be reached, as a last resort, eminent domain may be considered. In some cases, both the landowner and the city will mutually request to move forward with eminent domain procedures as a way to reach a fair market value for the land through court appraisal. Eminent domain may not always have the best reputation, but there have been many times when it has been used with positive results. When applied carefully and responsibly, it can benefit both parties and ensure that the city is making progress in reaching its developmental and economic goals.
Read the full article here in the January 20th edition of The Journal Record.