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What rights does a business owner (bar) on *rented* property have if the city buys the land for redevelopment?
In the scenario to consider, the building and property would be owned by a separate entity, and the city would be acquiring them via eminent domain from the owner of the property. I would like to know if the owner of the bar/restaurant inside this property would need to be fairly reimbursed for the cost of the business, or would they be reimbursed for lost income and moving expenses only, or something different or worse then this?
In this scenario, the bar is in Hennepin County, in Minnesota.
3 Answers
- Anonymous1 decade agoFavorite Answer
Tenants are entitled to the compensation provided for in their lease. Most commercial leases have some sort of interruption and condemnation clauses. In this scenario, you read your lease.
In a scenario where there is no such condemnation clause, the tenant would be entitled to the present value of the balance of his lease from the landlord, who in turn would seek compensation for that amount from the condemning authority.
- tianaramalLv 41 decade ago
I believe since you do not own the land you will not be compensated. For instance if the owner of the land wanted to sell it to another person; the renter would have no right to claim any of the proceeds. The renter has no ownership interest in the property.
