Pfizer and Kelo's Ghost Town

[scottl...@ix.netcom.com]

A followup on a topic from a few years ago. Back in 2005, the US
Supreme Court made the insane and unsupportable "Kelo" decision that
allowed local governments (the city of New London in the particular
case) to simply take property that they wanted, in order to turn it
over to developers who could get more tax dollars out of it. Well
suprise surprise, the decision has up and bit New London in the ass.

http://online.wsj.com/article/SB10001424052748704402404574527513453636326.html

"
The Supreme Court's 2005 decision in Kelo v. City of New London stands
as one of the worst in recent years, handing local governments carte
blanche to seize private property in the name of economic development.
Now, four years after that decision gave Susette Kelo's land to
private developers for a project including a hotel and offices
intended to enhance Pfizer Inc.'s nearby corporate facility, the
pharmaceutical giant has announced it will close its research and
development headquarters in New London, Connecticut.

The aftermath of Kelo is the latest example of the futility of using
eminent domain as corporate welfare. While Ms. Kelo and her neighbors
lost their homes, the city and the state spent some $78 million to
bulldoze private property for high-end condos and other "desirable"
elements. Instead, the wrecked and condemned neighborhood still stands
vacant, without any of the touted tax benefits or job creation.

That's especially galling because the five Supreme Court Justices
cited the development plan as a major factor in rationalizing their
Kelo decision. Justice Anthony Kennedy called the plan
"comprehensive," while Justice John Paul Stevens insisted that "The
city has carefully formulated a development plan that it believes will
provide appreciable benefits to the community, including, but not
limited to, new jobs and increased tax revenue." So much for that.
"

It's a damend shame that the "Lost Liberty Hotel" plan fell through.