State board OKs funds for Vegas freeway parcel

State board OKs funds for Vegas freeway parcel

CREATED Oct 10, 2012

CARSON CITY, Nev. (AP) -- A state panel reluctantly agreed to pay an additional $4.7 million for a parcel needed for the I-15 freeway project in Las Vegas, bringing the total price tag to $10.6 million for the 2.8 acre site.

After a lengthy discussion Tuesday the state Board of Examiners approved the payment requested by the Nevada Department of Transportation to settle a condemnation suit and counter-claims filed by the property owners.

An appraisal conducted in May 2011 valued the property at $4.7 million. NDOT offered that amount to the owners, who declined the offer.

A year later NDOT filed a condemnation suit and deposited the amount with the court. But the owners filed a counterclaim, and a second appraisal pegged the property value at nearly $10 million because of recent development.