Posts Tagged ‘Project NEON’

State Agrees To Pay $25 Million For Seven Acres Needed For Las Vegas Road Project

By Sean Whaley | 4:55 pm November 8th, 2011

CARSON CITY – A state panel today agreed to pay $25 million to settle an eminent domain lawsuit over seven acres of land in the path of a state Department of Transportation road improvement project in Las Vegas.

The Board of Examiners approved the settlement with Wall Street Nevada LLC to allow Project Neon, a $1.2 billion improvement plan for Interstate 15 from Sahara Avenue to the Spaghetti Bowl, to proceed.

Susan Martinovich, director of the Department of Transportation, said the project will be done in phases because of the cost. Depending on funding, the project could take until 2030 to complete.

The property near Charleston Boulevard was purchased by the company in 2006 for $21.4 million, said Mike Chapman, an attorney in private practice working on the case on behalf of the state. The property owners had sought as much as $35 million, he said.

Attorney Mike Chapman discusses the $25 million settlement at the Board of Examiners today. / Nevada News Bureau.

“If we reach this settlement, does that buy eternal peace in terms of litigation associated with this piece of property?” asked Gov. Brian Sandoval, a member of the board. “Do we have certainty, now, with regard to that property?”

Chapman said every effort has been made to build closure into the settlement agreement, including a full release from the Wall Street owners.

The city of Las Vegas is expected to participate in the settlement, but the amount is not yet known, he said.

Sandoval and Secretary of Ross Miller voted to approve the settlement.

“This is the best settlement that we could negotiate at the time, and weighing all of the risks with the benefits we think it does tilt in favor of recommending a settlement,” Chapman said in response to a question from Miller. “And so that is why we have presented it to the client, this board, and also the folks at NDOT, for their consideration.”

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Audio clip:

Attorney Mike Chapman says the $25 million settlement is the best that could be negotiated:

110811Chapman :22 for their consideration.”