As a planner it will be no surprise that I agree with you. However I do so for slightly more nuanced reasons.

Many/most of the provisions in this proposal have already been passed into law this legislative session in Lansing. The 125% compensation, public use vs. public purpose, etc. have all been set into law by an odd combination of liberal and conservative/libertarian lawmakers: Steve Tobocman (D-Detroit), Leon Drolet (R-Macomb Township), and John Garfield (R-Rochester Hills). At the end of this MLUI article, Tobacman (someone I know personally and can vouch for his card carrying liberal status) states that he is sorry to see Leon Drolet leaving. I've met and conversed with Drolet before and the guy's hard cores conservative-for-no-other-reason-than-being-conservative views make me want to puke. How they became friends is a miracle.

http://mlui.org/landwater/fullarticle.asp?fileid=17094

The reason I don't support the proposal is because I think the legislative process has already taken care of things. I agree with the 125% because in Detroit there are folks with property valued so low that there is no where they could move to for $40,000 or $6,000 (the fair market value of their property)