Waste of time?

I gave my spiel yesterday on NGA's move to north St. Louis City. The agency Director, local politicians, several Senior Executive Service and a couple of people who were there to look pretty. This group was window dressing to cover a political decision. I asked why "eminent domain" for about 20 homes made the site better than unused farmland in Illinois. A lot of blank stares and no questions from the group. Two members looked to be asleep.
What I found out after the meeting. A St. Louis businessman has been buying up thousands of vacant houses and lots that were in foreclosure. He bought them for taxes owed St. Louis City. He was going to build some immense project in the area but after purchasing the land could not find backers for the project. He was stuck with old buildings that required total renovation and empty lots. He stood to lose millions of dollars. So, he is giving most of the land for the site and getting tax credits in return.

 

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