UA appealing $3 million for land

begin. Sorry, the award was too much, especially in this market.

UA will not be paying this large sum for some run-down property. They will walk away from the deal first. Then Nemer's will be left with nothing but a huge legal bill. Too bad for them.

One million dollars for an unpaved parking lot that will hold about fifty cars at most. Someone please come buy my unpaved driveway, It will park six cars and I'll settle for one hundred thousand dollars.

This area has been named as one of the fastest DYING areas in the COUNTRY!

http://www.forbes.com/business/2008/08/04/eco...

Rulings like this by the Judge seem to accelerate our DEATH

UA tried to steal the property by using eminent domain and lost. Pay them what the property is worth UA. That has been determined inb a court of law. Appeals go nowhere.

It seems that the real estate that the jury used to determine the value of the property was not a good comparison. Every other appraisal of the property, including the one that the Nemer's presented themselves, were significantly lower than what the jury awarded. I have no doubt that the 9th District Court of Appeals will overturn the jury's findings and value the property closer to the appraised value.

Calling your neighbors ignorant is not nice. The U of A just needs to pay up and shut up if they want the property. By the time they pay the legal fees they could have just paid what the jury awarded. I hope they have to pay the Nemers fees as well.

And through all of this, the tuition at UA will sky rocket!

Hmmm, to tell the truth. I expected Akron U to negotiate with the Nemer's a little more. Apparently that broke down as well.

Since Akron U has already admitted that they have gone over their projected budget for the intended properties, I have to side with the Nemer's. Why should they receive less when others have already received more.

Any-buddy else notice that Akron U claimed that they would back away from this purchase iff'n they didn't get their way, and yet here they are goin' to the appeals court.

I'd say that the property is important to them, and they should pay what was determined in court.

Some things the general public doesn't know..
1. The stadium is privately funded.
2. The stadium in now way effect tuition.(per state freeze)
3. U of A offered along time ago more than what the properties were worth. Now everyone else accepted Akron's offer. The Nemer's are just being greedy. The U even offered to relocate them since most of their business is from U of A students. Akron has nothing going for itself but the University. If the University fails look for Akron to make Forbes list of fastest dying cities. Canton, Cleveland, Youngstown, and Dayton are already on it!!!
http://www.forbes.com/2008/08/04/economy-ohio...

Dear all Akron property-owning people named Nemr,

Just settle with the Univ and get on with your lives. The large sums of money you will receive will allow you to purchase, create and run other business ventures. These ventures will be nicer looking, better equipped and maybe last longer than your current craphole establishments. Use the insanely large sums of money (as compared to the quality of your business property) to care for your families, create scholarships, help charities. Go on a cruise. Buy land elsewhere in Akron and build Manny's #2, The Sun Bar & Grill Millenimum Edition. Stop whining about your precious property. The land is ugly. Your buildings are ugly. The businesses are past their time. Let us civic minded people enjoy our new stadium. Maybe you can be a retail owner in the new complex going up?

Refried Beans wrote:

It seems that the real estate that the jury used to determine the value of the property was not a good comparison. Every other appraisal of the property, including the one that the Nemer's presented themselves, were significantly lower than what the jury awarded. I have no doubt that the 9th District Court of Appeals will overturn the jury's findings and value the property closer to the appraised value.

You hit the nail on the head. The only issue here is how the jury arrived at the price they did. The jury's award was much higher than any of the appraisals Heck, the Nemers themselves have said that they were surprised at the amount the jury awarded because it was so much higher than even their own appraisal.

Greedy Nemers wrote:

Some things the general public doesn't know..
1. The stadium is privately funded.
2. The stadium in now way effect tuition.(per state freeze)
3. U of A offered along time ago more than what the properties were worth. Now everyone else accepted Akron's offer. The Nemer's are just being greedy. The U even offered to relocate them since most of their business is from U of A students. Akron has nothing going for itself but the University. If the University fails look for Akron to make Forbes list of fastest dying cities. Canton, Cleveland, Youngstown, and Dayton are already on it!!!
http://www.forbes.com/2008/08/04/economy-ohio...

I would say that the Forbes list indicates several basic problems in Ohio.

1.High Taxes, both corporate and individual
2.Political Corruption like what we are seeing in Cleveland and about to see exposed in Akron. Political Corruption, is once again a Federal Priority in cleaning it up.
3.Aging infrastructure.
4.Union mentality
5.No Educational System Strategy
6.Crime
7.Poor leadership
8.Deteriorating Housing Stock
9.Huge municipal dept in Akron
10. Agging population.

See it isn't the Nemers, go look for another scapegoat for your problems.

It shouldn't rest solely on what a property is worth. What about the risk factor if they have to set up a
business elsewhere. What about emotional ties. Emminent domain is
over-used.

Betamax wrote:

Hmmm, to tell the truth. I expected Akron U to negotiate with the Nemer's a little more. Apparently that broke down as well.
Since Akron U has already admitted that they have gone over their projected budget for the intended properties, I have to side with the Nemer's. Why should they receive less when others have already received more.
Any-buddy else notice that Akron U claimed that they would back away from this purchase iff'n they didn't get their way, and yet here they are goin' to the appeals court.
I'd say that the property is important to them, and they should pay what was determined in court.

Beta, while I often agree with you in these forums, here I have to disagree. Keep in mind that the monies budgeted by the university were based upon tax records not hands on current apprasials. The actual money paid out was based upon values set by independent real estate professionals. The same ones who set the value for the Nemers property.

So the University is being consistent in offering fair market value to all property holders.

Heres hoping the University wins this one. What the Nemers are doing is no different than what an ambulance chaser does...go after money from percieved big dollar business's.

More grandstanding by Akron U. The court has made its decison. Sore losers!!

Red wrote:

More grandstanding by Akron U. The court has made its decison. Sore losers!!

The appeal process is made available for everyone to use, including UA. If the courts had ruled in UA's favor Nemers would be appealing. It is the process.

w arnold wrote:

It shouldn't rest solely on what a property is worth. What about the risk factor if they have to set up a
business elsewhere. What about emotional ties. Emminent domain is
over-used.

Guess you don't understand how it works. When a value is set for a busines, that value includes not just the property, but also the the actual business value based upon P&L, cash flow, etc. So the risk factor as you put it is included in the valuation as the Nemers are rewarded for the risks they took.

w arnold wrote:

It shouldn't rest solely on what a property is worth. What about the risk factor if they have to set up a
business elsewhere. What about emotional ties. Emminent domain is
over-used.

Okay, I agree. But the Nemrs are saying this situation arose due to emotional ties or risk factors for new ventures. They keep saying their properties are an integral part and important pieces in the Akron campus landscape. They say how much the properties have provided a haven for students to gather at over the years and how the lose of said businesses is irreversible.

Do any of you go to these places anymore?! They are dumps or at least vey undistingushed eyesores.

The jury decision should not include intangibles because those are too subjective. If you owned a crappy coffeeshop, you would probably think its priceless. I as a patron would see your shop as a business that could always be replaced. Emmient domain would have never come into play provided the Nemrs settled up front. They dragged this out to get the most $$ and succeeded.

Gain Some Reality wrote:

<quoted text>
The appeal process is made available for everyone to use, including UA. If the courts had ruled in UA's favor Nemers would be appealing. It is the process.

I hope UA is denied again. Any powerful entity that tries to use eminent domain to bully hard-working citizens deserves no less.