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$79 million divided by...

The city has $79 million to buy the 352 parcels lying in the path of its fave economic development project – the LSU-VA medical center.
Is this enough to pay the bill on land clearance?
Simple division tells us that the state is looking at an average payout of $224,431 an owner, including reimbursement for relocation costs.
But property owner Bobbie Rogers says her house is worth more, especially if you factor in the two years of labor she and her husband gave to it.
“We spent two years gutting and renovating full-time our house and other houses in this neighborhood. I am not just going to settle for their idea of fair market value and walk away,” the homeowner told us yesterday.
According to the state, the site is currently occupied by 94 occupied homes, meaning there are 93 more home owners or landlords who may have similar thoughts.( In addition to the occupied homes, there 75 occupied commercial parcels, 92 parking lots and 91 vacant residences, according to the state)
While a majority of the assessed lots are likely to be valued somewhere south of $224,000, there will be homes and businesses worth more. With this month’s initiation of the acquisition process, I have a feeling there will be some busy lawyers in Mid-City come spring.

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