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This entry was published on 2014-09-22
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SECTION 1197-T
Acquisition by eminent domain
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 8-B
§ 1197-t. Acquisition by eminent domain. Notwithstanding any provision
of the eminent domain procedure law to the contrary, in any proceeding
brought by the authority pursuant to said law, title shall vest in the
authority and compensation shall be paid only (a) upon a decision by the
supreme court that compensation for the property so condemned shall be
determined solely by the income capitalization method of valuation,
based on the actual net income as allowed by the public service
commission, and (b) upon such court's determination of the amount of
such compensation, based upon the income capitalization method, entry of
the final judgment, the filing of the final decree, and the conclusion
of any appeal or expiration of the time to file an appeal related to the
condemnation proceeding. Should any court determine that a method of
compensation other than the income capitalization method be utilized, or
if the proposed award is more than the rate base of the assets taken in
condemnation as utilized by the public service commission in setting
rates and as certified by the public service commission, the authority
may withdraw the condemnation proceeding without prejudice or costs to
any party.