Interest keeps adding onto price of airpark
“So far the county owes $490,000 for land it got in a recent eminent domain lawsuit. Now add on to that another $9,011.10 in interest from a penalty levied by the courts in June and you have the actual price tag for less than five acres at the Lawrence County Airpark in Chesapeake. That is as of July 28.
Since the money has yet to be paid, that 8 percent per year penalty keeps making the cost for the land more and more as it is accrued daily. In fact, the interest would be slightly higher because this amortization is based on a payment being made on the principal each month, which is not happening.
The penalty was placed because the county had yet to pay the judgment. The owners of the land wanted their money now and went to the courts asking for 10 percent in interest penalty. The courts made it 8 percent, retroactive to April 28, when the judgment went into effect.
The county had sought the acreage to cut down trees at either end of the runway to satisfy the Federal Aviation Administration, filing an eminent domain lawsuit against Richard Wilson and his family who owned the property.”
Heath, Benita. Ironton Tribune 3 August 2014.