Tag Archives: condemnation

Hal Morris and Julie Meyer secure significant victory in an eminent domain action on behalf of a secured lender

 

Hal R. Morris

Julie A. Meyer

Chicago Partner Hal Morris and Chicago Associate Julie Meyer secured a significant victory in an eminent domain action on behalf of a secured lender.  In the case, the State of Illinois sought to exercise its condemnation powers to take a small portion of land and a building, both of which were secured by our client’s first mortgage.  After the taking, approximately 86% of the land remaining and was secured by our client’s mortgage.  However, we were able to convince the Court that the remaining land had minimal value because of zoning restrictions and the existence of a septic field.  Thus, the Court awarded $1.3 Million as preliminary just compensation.  That amount is 89% greater than the State’s initial offer and is approximately 15% greater than the State valued the whole property.  As an interesting side light, the property was being used at the time of the trial as a Gentleman’s Club.

 

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