Time for the city of Vermillion to implement eminent domain, build a parking lot and rent it to the University.
Then for sure the price will be 2 mill, and total cost far above that.
In order to be granted the power of eminent domain from the court the acquiring agency will have to show overiding need serving the general public.
Because fair market value will be the central issue in the acquisitions, there will have to be lawyers, appraisers, Right of Way agents, engineers, designers, court time, you name it. All that expense will fall on the taxpayers through the condeming agency or agencies. Might be cheaper to just pay the asking price.
You never know though. SoDot may have an overriding need to bring some sort of road through involving the land. Could end up being a critical part of their road system serving the university, city and the public at large? Hard to tell how these projects come into being but once they do everyone can get out their big wallet.
If you want to know more lots of westerns are based on right of way acquisition. They tend to focus on the behind the scenes dealing that helps bring these projects into existence. They particularly like to delve into the railroad acquisitions.
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