Business owners facing property seizure in Missouri

SOURCE www.foxnews.com
Business owners in a small Missouri town face the prospect of losing their properties as the city declared them blighted to hand over the land to a private developer. The developer plans to replace existing properties with apartments, a hotel, office space, a microbrewery, and stores, generating over $266 million in revenue over 25 years.

Key Points

  • Cities across the U.S. are using blight designations to seize properties for economic development
  • Supreme Court ruling in 2005 allowed cities to seize property for economic development purposes
  • Property owners facing uncertainty and potential displacement in Brentwood, Missouri

Pros

  • Potential for economic development and increased revenue for the city
  • Creation of new jobs and business opportunities in the area

Cons

  • Loss of properties and investments for current business owners
  • Use of eminent domain to force out property owners