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Independence Park Apartments v. United States

ELR Citation: 34 ELR 20090
Nos. No. 94-1A-C, (Fed. Cl., 08/27/2004) Damage award adjusted

A federal claims court, on remand, adjusted the damages awarded to the owners of low-income housing units that suffered a temporary regulatory takings in connection with the passage of the Emergency Low-Income Housing Preservation Act of 1987 and the Low-Income Housing Preservation and Resident Homeownership Act of 1990. The case is an offshoot of Cienega Gardens v. United States, 331 F.3d 1319, 33 ELR 20221 (Fed. Cir. 2003). The court rejected the owners' arguments and declined to extend the temporary takings period beyond the period considered in the 1996 trial and affirmed by the court of appeals. In addition, neither the government's experts nor the plaintiffs' expert appropriately calculated the value of plaintiffs' property on a discounted cash-flow basis for the takings period. Thus, the court undertook its own discounting calculations to determine the appropriate valuation of plaintiffs' damages as of the end-dates of their respective takings periods. As a result of its calculations, the court adjusted the original damages award such that the four plaintiffs are due the following amounts expressed in terms of present value at the end of the temporary takings period for each property: Independence Park: $788,028.94; Pico Plaza: $138,761.63; St. Andrews: $1,638,201.20; and Sherman Park: $859,049.22. In addition, each owner is entitled to interest on their respective awards.

[Prior decisions in this litigation are published and digested at 32 ELR 20154 and 33 ELR 20021.]