4 secondsIn the event that a business property is being taken for a public project, the business owner is entitled to a couple different things.
First of all, relocation and reestablishment expenses. And there’s a long list in the administrative code and and in the government regulations about
what is being required. basically moving expenses, uh, reestablishing equipment,
things like that. With respect to the business, to the extent the business owner suffers damages to its business
because of the taking, i.e. they have to relocate and pay more rent at the new location. Then that business owner is entitled to what’s called loss of
business goodwill, which is compensation to the business owner for its lost goodwill between the goodwill that
existed before the taking and the goodwill that existed at the relocation expense. Or in the event that the business cannot relocate, the entire goodwill that’s lost.