Monday, November 30, 2009

Kelo v. City of New London Update

In 2005, the US Supreme Court ruled (in a controversial decision) that government could use its power of eminent domain to transfer land from one private owner to another to further economic development. The City of New London had created the New London Development Corporation, a private body, to re-develop a neighborhood area surrounding Fort Trumbull and a new Pfizer research facility. The plan promised over 3,000 new jobs and increased annual tax revenue of a million-plus dollars a year.

So, how are things working out four years later? No re-development has occurred, and Pfizer just recently announced that they will be closing its facility in the area.

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