Private Property: Square Circle?
You probably think you have a good idea how bad Kelo was for property owners. You have no idea.
The new agreement, forged Monday, allows Corcoran Jennison six months — until May 29, 2008 — to secure financing for the construction of 66 luxury apartments and 14 townhouses on a 4-acre tract formerly occupied by the Naval Undersea Warfare Center.In other words, the developer for whose benefit the city of New London stole people's property hasn't even got financing for the development that was supposed to bring prosperity and happiness to the area. When will something useful actually be done with the land?
If financing is arranged, it would allow a late June 2008 groundbreaking and completion of the housing project by Dec. 26, 2009 — the same date required had the company met the original financing deadline last month, NLDC President Michael Joplin said.So there's your optimistic date - four and a half years after the Supreme Court greenlighted the noxious plan in an awful, embarrassing decision (Stevens, Kennedy, Souter, Ginsburg, and Breyer, in case you wanted me to name names [note that some people decried the decision as a product of a conservative Rehnquist Court! Again - Stevens, Kennedy, Souter, Ginsburg, and Breyer; lots of Federalist Society members there, right?]), New London may finally start seeing a return on its Faustian bargain. I'm no economics expert, but whiskey-tango-foxtrot, guys?!
If it fails to come up with the money for the housing portion of the project, the developer would forfeit all rights to that housing as well as two office buildings and a hotel it planned to build without litigation and would allow the NLDC to seek another developer.This is basically the effect of Kelo: the government can seize your property not only when it has a solid plan for using your property in a more publicly useful way, but it can also just take your property whenever it thinks there might be someone better able to take advantage of your property than you, and sit on the stuff until that white knight comes along. So, really, any parcel of land the size of a Wal-Mart should be considered potentially condemned, because one of these days, Wal-Mart might get around to wanting to put a new store there!
Quick question: if New London was really poorly off, economically, before this whole affair, what about now, when they've driven people out of the area (by taking their homes) and created massive bad publicity for themselves? Well, whatever; yay Communism!