"Does that mean that my county may seize my proerty if they want to erect a hotel in place of my house? "
Yes.
Welcome to Canada lite. This has already been in place in Canada for decades. My grandfather was a self made real estate developer. He was doing great in the '60s (political and social situations aside) and had planned to build a new town, a new supersuburb, with a few other developers, just north of Toronto (where Vaughn and Markham are now, for those of you familiar with Toronto). They lost a bundle when the government seized the land, paid them a fraction (I think it was about 15%) of what it was worth, to build an airport, which they never actually even finished.
Its a scary place. Might be too late for us, but you guys have got to reverse that decision. That is tyranny. It overrides your right to your own property. And if you lose that, then soon you lose your rights to complain about (1st amendment), fight for it, (2nd amendment), etc. etc.