NCDOT’s Cash Reserves Dwindle
The NC Department of Transportation budget crisis continues to drag on leading many landowners and legislators wondering what is going on. At last report, the cash reserves at the DOT have shrunk to $432 million. In comparison, over the past decade, the department has maintained an average cash reserve balance of approximately $1.2 billion. And there are no immediate signs that this problem will be fixed in the near future.
This situation impacts property owners in a number of ways- it has delayed more than 900 projects across the state, it has forced the layoff of hundreds of employees and contractors, it is significantly delaying the amount of time that the DOT takes to pay out on settled cases, and it is delaying the filing of additional condemnation lawsuits. In addition, landowners who are impacted by the 900+ delayed projects now find themselves in limbo. They know the DOT will be coming at some point in the future to take their land, but now they must wait anywhere from 3 months to 6 years for the delayed projects to move forward. What are they supposed to do with their properties in the meantime?
The eminent domain lawyers of Henson Fuerst represent property owners across the State of North Carolina in land condemnation matters. For more information, visit our website at www.nclandlawyer.com or call us at (919) 781-1107