5372-S AMS CARR S2831.1

SSB 5372 - S AMD TO S AMD (S-2726.1/07)195
By Senator Carrell

On page 22, after line 32 of the amendment, insert the following:

"NEW SECTION. Sec. 117 COMPENSATION TO PROPERTY OWNERS. If any action taken by the Puget Sound partnership reduces the fair market value of private property, the partnership shall provide just compensation to the property owner.
Just compensation shall be equal to the reduction in the fair market value of the affected property interest that results from the action taken by the owner. The owner must make a written demand for compensation under this chapter."

Renumber the remaining sections consecutively and correct any internal references accordingly.

EFFECT: Requires the partnership to pay compensation for any regulation that reduces the market value of private property.

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