From the "It can never happen here" file, the stealing of land from one private owner to give to another private owner is having huge negative blowback in Tennessee. In just one case costing tens of millions of dollars. Money that the government subsidised to pay for land taken to give to a private developer.
But guess what? A jury has now said the land was worth twice what was paid when taking it.
A Nashville judge last month upheld a jury ruling that said MDHA vastly undervalued a piece of property owned by Tower Investments. MDHA, which was in charge of acquiring land for the Music City Center project, said the land was worth $14.8 million. But a jury said the fair value was $30.4 million.
The jury’s ruling busted MDHA’s budget for land acquisition and put the budget for the entire project in serious jeopardy. Most of the project’s miniscule $15 million reserve would be nearly entirely sapped if the jury’s verdict is upheld.
I could almost cry.....
But I won't.