Provides that private property shall only be taken by the state for a public use. The term "public use" shall only mean the possession, occupation, or enjoyment of the property by the general public or by the state, or a county, city, town, or other municipality; or the use of land for the creation or functioning of public utilities or common carriers such as railroads, utilities, or toll roads; or the acquisition of property to cure a concrete harmful effect of the current use of the land, including the removal of public nuisances or structures that are beyond repair or unfit for human habitation or use; or the acquisition of abandoned property; or the redevelopment or rehabilitation of blighted areas.

Declares that the taking of private property by the state for economic development does not constitute a public use where the primary purpose of such development is for an increase in tax base, tax revenues, employment, or general economic health.