GM is alive and taxpayers got ripped off

More on SCOTUS and property rights from the Kelo Wiki link above:

In spite of repeated efforts, the redeveloper (who stood to get a 91-acre (370,000 m2) waterfront tract of land for $1 per year) was unable to obtain financing, and the redevelopment project was abandoned. As of the beginning of 2010, the original Kelo property was a vacant lot, generating no tax revenue for the city.[2] It is still vacant. [13]

Pfizer, whose employees were supposed to be the clientele of the Fort Trumbull redevelopment project, completed its merger with Wyeth, resulting in a consolidation of research facilities of the two companies. Both companies had had a major presence in southeastern Connecticut for many years, meaning that only one facility would likely survive the merger. Ultimately, Pfizer chose to retain the Groton campus on the east side of the Thames River, closing its New London facility in late 2010 with a loss of over 1000 jobs. This coincided with the expiration of tax breaks on the New London site that would have increased Pfizer’s property tax bill by almost 400 percent.[14][15]

After the Pfizer announcement, the San Francisco Chronicle in its lead editorial called the Kelo decision infamous:

The well-laid plans of redevelopers, however, did not pan out. The land where Susette Kelo’s little pink house once stood remains undeveloped. The proposed hotel-retail-condo “urban village” has not been built. And earlier this month, Pfizer Inc. announced that it is closing the $350 million research center in New London that was the anchor for the New London redevelopment plan, and will be relocating some 1,500 jobs.[16]

fred5678 on December 22, 2012 at 6:21 PM