According to a report at NJBIZ.com and Trenton sources, a compromise bill on eminent domain reform is making its way through the State Senate and may clear the upper house this week:

From NJBIZ:

State Senate majority leader Steve Sweeney (D-West Deptford) and state Sen. Ronald Rice (D-Newark) last week unveiled amendments to their merged eminent domain legislation, SCS-559/757. The proposed amendments would establish tougher eminent domain standards by limiting the use of eminent domain and tightening the definition of a property in need of redevelopment — such as adding a 20 percent cap on nonblighted areas within designated redevelopment areas.

The changes would improve notice provisions for property owners and tenants affected by eminent domain, and significantly increase the financial compensation to parties displaced during the process. Businesses, for example, would receive payment for the loss of a location with heavy foot traffic and for capital improvements that were done at the site.

The revised bill also would demand more transparency during the redevelopment process, and require that a municipality or redevelopment agency exercise the power of eminent domain within five years of adopting a redevelopment plan.

For the full article, click here.