SCMTD February 2004 Board of Directors Agendas - Santa Cruz ...
SCMTD February 2004 Board of Directors Agendas - Santa Cruz ... SCMTD February 2004 Board of Directors Agendas - Santa Cruz ...
- The recognized definition of the term "fair market value". - The amount considered to be just compensation for each improvement which is owned by a tenant and the basis for determining that amount. MUST I ACCEPT THE DISTRICT'S OFFER? No. You are entitled to present your evidence as to the amount you believe is the value of the portion of your property and to make suggestions for changing the terms and conditions of the offer. The District must make reasonable efforts to consider and respond to your evidence and suggestions. When fully justified by the available evidence of value, an adjustment in the offer price must be made. MAY I HAVE SOMEONE REPRESENT ME DURING NEGOTIATIONS? Yes. If you would like an attorney or anyone else to represent you during negotiations, please so inform the District in writing. However, state law does not require the District to pay the costs of any such representation. IF I AGREE TO ACCEPT THE DISTRICT'S OFFER, HOW SOON WILL I BE PAID? If you reach a voluntary agreement to sell a portion of your property and your ownership (title) is clear, payment will be made at a mutually acceptable time. Generally, this should be possible within 30 to 60 days after you sign a purchase contract. If the title evidence obtained by the District indicates that further action is necessary to show your ownership is clear, you may be able to hasten the payment by helping the District obtain the necessary proof. (Title evidence is basically a legal record of the ownership of the property. It identifies the owners of record and lists the restrictive deed covenants and recorded mortgages, liens, and other instruments affecting your ownership of the property.) WHAT HAPPENS IF I DON'T AGREE TO THE FINAL PURCHASE OFFER BY THE DISTRICT? If you are unable to reach a voluntary agreement through negotiations, the District may file a suit in court to acquire the portion of your property through an eminent domain proceeding. Eminent domain proceedings are often referred to as condemnations. If the portion of your property is to be acquired by condemnation and you would like it done promptly, the District must file the condemnation suit without unreasonable delay. If the District decides to abandon its intention to acquire, it will immediately give such notice to the property owner. WHAT HAPPENS AFTER THE DISTRICT CONDEMNS A PORTION OF MY PROPERTY? You will be notified of the action. In the event the District requires possession of the portion of your property, prior to the completion of the condemnation action, the District will deposit with the court an amount not less than its appraisal of the fair market value of the portion of the property. 4
Ordinarily, the owner is then permitted to withdraw this amount, less any amounts necessary to pay off any mortgage or other liens on the property and to resolve any special ownership problems. Your early withdrawal of your share of the money will not affect your right to seek additional compensation for the portion of your property. During the condemnation proceeding, you will be provided an opportunity to introduce your evidence as to the value of the portion of your property. Of course, the District will have the same right. After hearing the evidence of all parties the court will determine the amount of just compensation. If that amount exceeds the amount deposited by the District, you will be paid the difference, plus any interest that may be provided under state law. To help you in presenting your case, in a condemnation proceeding, you may wish to consider employing an attorney and an appraiser. However, the costs of these professional services and other costs which an owner incurs in presenting his case to the court must be paid by him. WHAT CAN I DO IF I AM NOT SATISFIED WITH THE COURT'S DETERMINATION? If you are not satisfied with the court judgement, you may file an appeal with the appropriate appellate court for the area in which your property is located. The District may also file an appeal if it believes the amount of the judgement is to high. WILL I HAVE TO PAY ANY SETTLEMENT COSTS? You may be responsible for the payment of a portion or all of the balance on any mortgage on your property. Also, if your ownership is not clear, you may have to pay the cost of clearing it. But the District will not charge you any sales commission. And the District is responsible for all reasonable and necessary costs for: - Typical services required to complete the sale, including recording fees, revenue stamps, transfer taxes and any similar expenses which are incidental to transferring ownership to the District. - Penalty costs and other charges necessary to permit prepayment of a mortgage on the property which was entered into in good faith. - Real property taxes for the portion of the property acquired in fee, covering the period after the District acquires the property. The District will identify these items in a Settlement Cost Statement to be given to you at the time of settlement or soon after the court award of compensation, if the property is acquired by condemnation. Ordinarily, if you have paid any of these expenses yourself, you will be repaid at that time. If you later discover other costs for which you should be repaid, you should request repayment from the District within six months after the acquisition. The District will assist you in filing a claim for these costs. 5
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Ordinarily, the owner is then permitted to withdraw this amount, less any amounts necessary to pay<br />
<strong>of</strong>f any mortgage or other liens on the property and to resolve any special ownership problems. Your<br />
early withdrawal <strong>of</strong> your share <strong>of</strong> the money will not affect your right to seek additional<br />
compensation for the portion <strong>of</strong> your property.<br />
During the condemnation proceeding, you will be provided an opportunity to introduce your<br />
evidence as to the value <strong>of</strong> the portion <strong>of</strong> your property. Of course, the District will have the same<br />
right. After hearing the evidence <strong>of</strong> all parties the court will determine the amount <strong>of</strong> just<br />
compensation. If that amount exceeds the amount deposited by the District, you will be paid the<br />
difference, plus any interest that may be provided under state law.<br />
To help you in presenting your case, in a condemnation proceeding, you may wish to consider<br />
employing an attorney and an appraiser. However, the costs <strong>of</strong> these pr<strong>of</strong>essional services and other<br />
costs which an owner incurs in presenting his case to the court must be paid by him.<br />
WHAT CAN I DO IF I AM NOT SATISFIED WITH THE COURT'S DETERMINATION?<br />
If you are not satisfied with the court judgement, you may file an appeal with the appropriate<br />
appellate court for the area in which your property is located. The District may also file an appeal if<br />
it believes the amount <strong>of</strong> the judgement is to high.<br />
WILL I HAVE TO PAY ANY SETTLEMENT COSTS?<br />
You may be responsible for the payment <strong>of</strong> a portion or all <strong>of</strong> the balance on any mortgage on your<br />
property. Also, if your ownership is not clear, you may have to pay the cost <strong>of</strong> clearing it. But the<br />
District will not charge you any sales commission. And the District is responsible for all reasonable<br />
and necessary costs for:<br />
- Typical services required to complete the sale, including recording fees, revenue<br />
stamps, transfer taxes and any similar expenses which are incidental to transferring<br />
ownership to the District.<br />
- Penalty costs and other charges necessary to permit prepayment <strong>of</strong> a mortgage on the<br />
property which was entered into in good faith.<br />
- Real property taxes for the portion <strong>of</strong> the property acquired in fee, covering the<br />
period after the District acquires the property.<br />
The District will identify these items in a Settlement Cost Statement to be given to you at the time <strong>of</strong><br />
settlement or soon after the court award <strong>of</strong> compensation, if the property is acquired by<br />
condemnation. Ordinarily, if you have paid any <strong>of</strong> these expenses yourself, you will be repaid at that<br />
time. If you later discover other costs for which you should be repaid, you should request repayment<br />
from the District within six months after the acquisition. The District will assist you in filing a claim<br />
for these costs.<br />
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