Kelo v. City of New London overturned by The Great Recession
Everyone remember Kelo v. City of New London, the 2005 U.S. Supreme Court case wherein a closely divided court ruled that the city of New London, Connecticut could use eminent domain to take privately owned homes and give them to Pfizer to encourage economic development that would benefit the entire town? Pfizer wanted the homes so it could expand its New London research facility. The ruling sparked a wave of local laws restricting eminent domain as homeowners feared their houses could be taken and given to corporations.
Turns out the Boston-based developer was never able to secure financing to do what New London and Pfizer wanted to do with the area, while Pfizer has had to cut its R&D budget in the current economic climate. So, on Monday Pfizer announced they would be shutting down their New London facility, leaving the land that they obtained via Kelo and subsequently razed as the urban prairie it is today. The jobs and tax revenue promised as the original catalyst for Kelo never materialized.
This is going to make a great movie starring Julia Roberts.
Posted via email from ert's posterous
Turns out the Boston-based developer was never able to secure financing to do what New London and Pfizer wanted to do with the area, while Pfizer has had to cut its R&D budget in the current economic climate. So, on Monday Pfizer announced they would be shutting down their New London facility, leaving the land that they obtained via Kelo and subsequently razed as the urban prairie it is today. The jobs and tax revenue promised as the original catalyst for Kelo never materialized.
This is going to make a great movie starring Julia Roberts.
Posted via email from ert's posterous