Tuesday, December 11, 2012

The Word is Out

Scammy businesspeople have heard that the Aurora city government just isn't very bright.  If they aren't trying to give away free land and tax breaks to out-of-state hotel chains, they're ready to pay $2.75 million for a property they assessed at $77,000. 

They were about to get out-maneuvered by a rich scam artist who sought to convince them they were going to save a little bit of money.

Step 1:  Build with asbestos

Step 2:  Abandon the building 28 years ago but continue to pay taxes on it

Step 3:  Wait until the property --minus your toxic, vacant building-- becomes valuable again

Step 4:  Sell it to the city for millions!

I don't envy the city their choices.  Apparently they can buy the property for $2.75 million and bear the costs of removing the asbestos-contaminated building themselves, or have scam artist guy knock the building down and pay $4 million for the empty lot.

This is one of those reasons why I could never be one of those free-market property-rights absolutists.  This guy can afford to pay taxes on a blighted property for a generation, without ever intending to do anything useful with it besides squeezing some suckers in the city government for millions. That's his right as the owner...but really?

The Fan Fare building has been depressing property values in that area longer than I've had hair on my balls and the city couldn't figure out a way to just come in and take it

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