I admit I'm no expert on the subject, but this whole concept bugs me. My understanding was that Eminent Domain could/should only be used as a last resort for public works projects. I remember reading about people "losing" their property to help out corporations so that cities could get more taxes. I know people are compensated at "fair market value" (as not determined by the fair market), but that doesn't do much. I understand that cities/counties/states need tax revenue, but governments are not for profit organizations. It is their job to set a reasonable tax rate and "compete" for residents with to some degree; they then must work within the tax revenue that they collect based on that rate.
I have no real problem for a local government to attract a business by making some adjustments to the tax rates. I do oppose the use of eminent domain for the use to help out private business. If a business wants a bunch of land, then I think they can work out a deal with the residents. It might make things difficult for them, but the government is there to serve the people, not business. Just my thoughts. I thought this clip from CATO was pretty cool. Enjoy.
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