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Old 04-16-2015, 01:42 PM
 
634 posts, read 795,758 times
Reputation: 655

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To quote today's news:

The state House has voted 114-0 to curb transportation officials' ability to set aside land for new highways without paying for it.

Is this bill a major game changer for southern wake county real estate?
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Old 04-16-2015, 01:51 PM
 
9,197 posts, read 23,434,806 times
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It certainly changes things, but DOT is still leaving a lot of uncertainty in the air, whether a corridor is "protected" or not.
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Old 04-16-2015, 03:06 PM
 
Location: Baja Virginia
2,798 posts, read 2,688,107 times
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Quote:
Originally Posted by ncrkd View Post
Is this bill a major game changer for southern wake county real estate?
Well, it doesn't say so explicitly in this article, but I would imagine that the law (if it passes) would apply to future land acquisition, and not apply retroactively to land that has already been "protected".

Unanimous House votes to repeal Map Act, a big money-saver for NCDOT | News and Observer News and Observer
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Old 04-16-2015, 10:46 PM
 
Location: Raleigh, NC
386 posts, read 537,567 times
Reputation: 208
Why don't they set time limits on how long a corridor can be "protected" instead? What's the point of developing somewhere if an alternative of a 6 lane highway is set to go right through the middle of your development?
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Old 04-17-2015, 08:22 AM
 
49 posts, read 105,109 times
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NCDOT has many potential routes on their maps for the completion of I 540 that are not even in a restricted corridor. Where is the help for these landowners and communities that are being held hostage too while NCDOT takes generations to figure out what they are going to do? Developers and people go elsewhere because who wants to invest in property or a house that might someday have a road through it because it sits on a NCDOT map in an UNRESTRICTED corridor. This goes on for many decades because it COULD be the route selected after they've finished the extensive surveying, environmental studies, etc... Would any of you buy a house/property that shows a possible road going through it on one of the many colored I540 routes on a map? It doesn't matter if it is a restricted or unrestricted corridor, the results are the same except no protection for the home owners in the unrestricted corridor! We've heard for 30 years now that NCDOT is going to make a decision soon. When the time comes, NCDOT yet again pushes the decision down the road (kicking the can down the road). So the new legislation proposed helps only those in a RESTRICTED corridor. Should be some type of legislation that prevents 21+ potential routes, limiting them to three routes that must have a decision in a defined time limit. Bottom line, we're unable to sell our property for market value due to being on a map for several decades and we keep putting off decisions for long term maintenance/repairs or plans to improve while we sit and wait. My father passed away 13 years ago waiting for the road to come through and my mother is 91 and waiting, and waiting, and waiting, and.. well you get the point by now.
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Old 04-17-2015, 08:31 AM
 
Location: Raleigh, NC
386 posts, read 537,567 times
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It takes about 10-15 years for a road to be completed from initial conception to opening especially for a major freeway like I-540. There are numerous factors that go into this, engineering being a pretty small part of it (lots of environmental requirements that I'm not familiar with, politics, social/economic factors etc...). I'm on the Complete 540 website (NCDOT: Complete 540 Project) and it says the protected corridors were enacted in 1996 for the project. It says that environmental studies for the alternatives have been completed and the final route will be selected this fall.

Question though: Did NCDOT give property owners the opportunity to sell their property to the state at a fair price before enacting a protected corridor? Not entirely familiar with the details.
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Old 04-17-2015, 09:39 AM
 
Location: Morrisville, NC
8,597 posts, read 12,782,109 times
Reputation: 8153
Quote:
Originally Posted by pbctong View Post
It takes about 10-15 years for a road to be completed from initial conception to opening especially for a major freeway like I-540. There are numerous factors that go into this, engineering being a pretty small part of it (lots of environmental requirements that I'm not familiar with, politics, social/economic factors etc...). I'm on the Complete 540 website (NCDOT: Complete 540 Project) and it says the protected corridors were enacted in 1996 for the project. It says that environmental studies for the alternatives have been completed and the final route will be selected this fall.

Question though: Did NCDOT give property owners the opportunity to sell their property to the state at a fair price before enacting a protected corridor? Not entirely familiar with the details.
No, they didn't. They had no idea when the road would actually be built and wish to buy the property as late as possible as they don't really have to pay market price for land anyway or can just move forward and make the owner take them to court.

As mentioned, it may not completely help as the market is the market, but it will stop them from completely locking up land for 20 years without compensation. I am pretty sure these people are even restricted from pulling permits for stuff like a room addition or even a shed as that would "improve" the property and make them have to pay more for it one day. Surely, if its a 20 year deal, that's not a huge factor.
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Old 04-17-2015, 09:53 AM
 
Location: Raleigh, NC
150 posts, read 195,563 times
Reputation: 188
Note that the western wake expressway as it was then called has been on maps since the late 90s.

You can sell the property, or petition to have the dot purchase it. If they decline to purchase then you are free and clear to do whatever you want with it.
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Old 04-17-2015, 01:17 PM
 
49 posts, read 105,109 times
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We are "free" to sell our property as we are not in a restricted corridor, but no developer will touch us because we are on a NCDOT map as part of the various routes for I 540 that may happen "someday". Development is all around us wherever property does not sit on any of the NCDOT maps. I do understand they are to make a final decision by the Fall on the entire route but have also been told the last leg of I 540 is now on the back burner and probably won't be considered for 10-15 more years if then. So if one is not in their defined "restricted corridor" there is little legal recourse. We get to pay taxes on it but can't sell when we want to without a huge loss while land is being grabbed up all around us. NCDOT will consider financial hardships but understand they pay out less than the undervalued market price. A no win situation on all fronts. Again, wishing there was some type of legislation added to protect those not in restricted corridors but in the very same limbo.
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Old 04-17-2015, 06:43 PM
 
Location: Fuquay Varina, NC
86 posts, read 137,404 times
Reputation: 119
The game changer will not occur until they announce the actual route. This has no bearing on eminent domain, so nobody is gonna risk investment in the formerly protected areas when there is a chance they will lose it in in a year or two.
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