Skip to comments.Sacramento seeking to file eminent domain suit [against CalPERS/U.S.Bank] for arena property
Posted on 01/03/2014 6:02:08 AM PST by Cincinatus' Wife
After negotiations over the property stalled without a deal, the city of Sacramento is preparing to push ahead with an eminent domain lawsuit to seize control of the former Macys mens clothing and furniture store at Downtown Plaza, a vital parcel in the plan for a new sports arena.
The parcel is owned by CalPERS, the states public employee pension fund, and U.S. Bank holds a ground lease on the property, according to a city staff report. C-III, a Texas-based asset management firm, is negotiating on behalf of U.S. Bank, city officials said.
(Excerpt) Read more at sacbee.com ...
When liberals collide.
Sacramento has a Marxist mayor that wanted to take foreclosed homes via eminent domain. Kalifornia kutups acting out again.
Polkiticians are so good at property management!!
Cincinnati ,Ohio City Councils have spent 30 years using eminent domain to shut down the existing local successful shops in downtown ,and tens of millions replacing them with “upscale” business that closed after a few years ,a museum to slavery that must be subsidized by several million$$$ annually, a couple ballparks that raised taxes and still need millions$$$ more, and now...a stupid super-expensive streetcat from and to nowhere!
Politicians and artsy planners act as though money doesn’t matter.
Get the popcorn —
They are not acting, they just want everyone to believe they are.
I heard about that stupid streetcar thing from my son. Maybe they can name it the same as the public did to the useless “Riderless Express” they built in Jacksonville.
A caller to WKRC suggested that on the inaugural run, the first streetcar be packed full of money and run into the river to symbolize the waste of the project.
IN this case the mall is dying - in an area that you don’t want to be in after dark, poor accessability and nearly 2/3 of the shops empty. Bigger and better shopping in the suburbs.
actually it’s the vice mayor, Angelique Ashby, who is championing the foreclosed homes - eminent domain idea. The mayor is Kevin Johnson (former NBA star). He is a democrat, but a very conservative one. He is very pro business and socially conservative. He is very pragmatic and very anti status quo.