People ex rel. Department of Public Works v. Leadership Housing Systems, Inc.

*167 Opinion

Defendant was the owner of 36.87 acres of real property taken by plaintiff, through eminent domain proceedings, for highway purposes, and appeals from the judgment awarding it $511,900 as compensation for the property taken and $50,000 as severance damages.

The property taken was part of a larger parcel of 43.26 acres defendant acquired for $378,437.50, pursuant to a sales transaction which included the execution of an escrow agreement on September 18, 1969, the payment into escrow of a part of the purchase price sometime in December 1969, and completion of the escrow with recording of a deed on December 31, 1969; and upon which it was constructing a mobile home park. The eminent domain action was commenced March 23, 1970, which is the valuation date. On this date the project was partially completed; the land had been graded; and some of the improvements had been installed.

At the trial Thomas L. Roberts and Robert Steele testified as appraisers for defendant; John Cotton testified as appraiser for plaintiff; Cotton and Steele testified the construction work on the project, on the valuation date, was 25 percent completed; and Roberts testified it was 33kS percent…