Price Development Co. v. Orem City
Utah Supreme Court
2000 UT 26, 995 P.2d 1237
When exercising eminent domain or using property tax increments, a redevelopment agency must follow substantive and procedural requirements, in order to protect property owners, and other agencies relying on property tax revenues.
Public property is held in trust by public agencies for the good of the public, and it may not be disposed of unless the public agency receives fair market value in exchange. The market value may reflect substantive benefits received by the public in exchange for the property.
