To require payment of three times the amount of just compensation whenever private property is taken for private economic development use.

Requires the particular governmental entity to pay treble compensation to a property owner if: (1) the federal government or any federal authority, or a state or local government during a fiscal year in which it receives federal economic development funds, exercises its power of eminent domain, or allows its exercise by any delegated person or entity; and (2) the property over which that power is exercised is planned, or subsequently used, for economic development.