Haverstraw village loses eminent domain case, will likely take out multimillion dollar bond to meet obligations
“The Village of Haverstraw might be on the hook for over $6.2 million in eminent domain refunds if it cannot compel the developer of the waterfront Haverstraw Harbors condos to provide at least a partial payout to the plot’s previous owner.
The State Supreme Court ruled in 2009 that the village owes AAA Electricians-the former owners of 18.9 acres of what is now the 25-acre location of the Harbor-a revised appraisal of the property, meaning the village is now obligated to pay $6.2 million.
On September 23, the State Court of Appeals opted not to take the case, effectively setting the lower court’s decision in stone. The village is also on the hook for legal costs and interest fees of $621 for each day after September 24, when AAA Electricians notified the Village of their obligation.
Haverstraw invoked eminent domain on the property in 2003 when it was unable to reach an agreement with the original owner and forced AAA Electricians to accept a $2.6 million offer. AAA argued the true value of the property was $16.3 million, but the State Supreme Court bumped that down to $6.5 million.”
Riconda, Michael. Rockland Times 10 December 2014.