Paula has owned and farmed a parcel consisting of 100 acres for many years.
Last year, in compliance with County regulations, she expended a substantial amount of money in determining the economic feasibility of developing 10 acres of the parcel that border the shore of a small lake.
She recently submitted a development application to County seeking to construct 30 homes on those 10 acres.
County then determined that the 10 acres constitute protected wetlands that, under a state law enacted recently, had to be left undeveloped to protect certain endangered species.
On that basis, County denied the development application. Paula brought an action claiming that County's denial of the development application constituted a regulatory taking in violation of the U.S. Constitution.
It was stipulated that the 10 acres are worth $4,000,000 if development is permitted and $200,000 if it is not.The trial court ruled that County's denial of Paula's development application did not constitute a regulatory taking.
Did the trial court correctly rule that County's denial of Paula's development application did not constitute a taking?