Government has powers and rights to make a private sector property a public property which is defined as an eminent domain United States is one of the fastest growing population country and in this case government has no option rather than using the private estates to build more roads and public places to support this growth in population The government of any country has the powers of eminent domain to take private property necessary to constructing new roads and expanding the existing roads while compensating the owners of the property taken and also rewarding nominal compensation to the business people who have leased their property.
For instance, the Milwaukee government-recognized public domain inequity and passed a law allowing business entrepreneurs to make claims to be compensated under circumstances of leasing their property or fully selling them to the government. The eligibility of the business on making business damage claim to be compensated by the government depends on the duration the business has existed in the economy that should not be below five years and the government should compensate the business owners depending on the statistical forecasts and projections on the possible losses to be encountered after the business termination.
For the individuals owning the land that the firm is located on, the central government should compensate for the value of the property it takes and damages to the remainder of the business people property with the possible damage claim.
The power of eminent domain need to be exercised in good faith and the government makes this possible by choosing a neutral appraiser from the government itself to reduce a risk of giving anticipated results when estimating the real value of the property.
Business owners need not to depend on government appraisals alone since for the last ten years the real estate properties have increased in value and the government seem not to take into consideration these changes hence the business owners should realize this and focus on how to earn more money on this appreciation in commercial and industrial properties.
Government power of eminent domain need to be limited as many individuals are amazed to learn that the government can take their property for public use and should be in full compensation which should fair in market value.
Most of eminent cases involving small businesses are partial takings and the legislature takes a portion of business property rather than the whole business affecting its parking, accessibility and its ability to expand.
Business owners should hire an attorney as soon as they are condemned to limit the impact of the eminent domain law on their property and this should call for an advice from business professionals when taking this step.