Let the market determine the value
The lighting rod issue of eminent domain appears to be escalating around a Music Row property owned by Joy Ford, owner of Country International Records.
Scott Bullock, the attorney who argued the landmark eminent domain case, Kelo v. New London, at the U.S. Supreme Court, will be in Nashville tomorrow to meet with Ford and the media.
At issue is the construction of a $100 million mixed-used office and hotel project by The Lionstone Group, a Houston-based developer. Recently the developers indicated they are ready to move forward with construction, even though Ford's property is located inside the footprint for the project.
In recent weeks, the city has signaled a willingness to get involved because the property is located in one of the city's urban redevelopment districts.
Realistically, this is a prime example of a public agency taking for essentially a private use. Let the market determine the value of the property!
