klms

[budmuufin]

according to WPSD-TV in Paducah the owners were paid $510,000.00 by the state.

[Matt49]

according to WPSD-TV in Paducah the owners were paid $510,000.00 by the state.

All eminent domain cases result in compensation to the former land owner and the amount compensated is a matter of public record.
From reading some posts on another thread, I get the impression that some folks think the state just TOOK the land away.

[SnakeX3]

Only the owners know if they made out in the deal. They know what they invested in the property above and beyond what the land is worth. That includes the actual work they did which is an investment in future return on their effort.

From what I read, it sounded like they didn't want to sell. Maybe that was a PR deal or to try to get more money for their land. What little I know about eminent domain land grabs is that the government doesn't ever pay the real value. They pay what they deem fair value. What is fair? Ask the government and they will tell you it's what is "fair" to them.

[PennDirt]

Well, a lot can depend on a lot. If the 510K buys the entire 36 acres, that's bad fortune for the land owner seeing how he paid 3 to 4 times that amount.

But suppose that perhaps the state only needs to acquire 10 of those acres and he's left with 26 acres of developable commercial property at a heavy interstate exchange complete with modern ramps and access, his real estate company is lookin' good long term.

He might also find new revenue short term with contractors parking equipment and securing the location for a year or two. Temporary concrete plants pay good money for premium, efficient spots, as well. Depending on what all goes where, he might even get an offer to rent out the track offices themselves to construction companies and engineers.

Yeah, it's all speculative and who knows? but the man does know the land business and like mentioned in the other thread maybe this was the plan all along.

There's about 100 different ways to look at it with most of it never being known to us publicly other than the eminent domain disclosures.

Sure hate to see a 6-wide track close for good. That sucks :(

[SnakeX3]

Sure hate to see a 6-wide track close for good. That sucks :(

For us DLM fans, that says it all.

[Clayton_Wetter]

I'm thinking somebody took a BIG loss on that deal!! Geez!!!

Like ole Litey used to say...

Never mind, who gives a shT what he used to say!!!!!!!!!! :D

That's nice!!! :)

[shagger]

I remember the auction, they paid about 900,000

[grt74]

they paid alot but i think they got more than just the track,they got alot of land with it,not to mention the rest of the land just gained a ton,also they knew what they were getting into, the state has wanted it for sometime now,but hats off for the money they paid out to the racers this year

[willyt]

they paid alot but i think they got more than just the track,they got alot of land with it,not to mention the rest of the land just gained a ton,also they knew what they were getting into, the state has wanted it for sometime now,but hats off for the money they paid out to the racers this year

they still have well over 400 acres if I remember right.