WSOC-TV is reporting that the city of Charlotte has held secret, closed door talks to buy Eastland Mall for $40m. in taxpayer money.
The obvious question — then what?
Nevermind that the city does not have an extra $40m. laying around in the General Fund to fund such a purchase. Such monies could only be raised by shorting road paving or public safety. The city could get cute and try to use neighborhood improvement debt to fund such a purchase, but I don’t recall buying 17-acres of Eastland Mall being on any ballot. However, if the idea is being talked about, you can bet your wallet that city staff has already found a way or two to fund it. That’s the way the racket works — new spending, always possible; reducing spending, utterly impossible.
Now back to a city-owned Eastland Mall. What in God’s name would the city do with it? Given the city’s experience with the Carolina Theater, who in their right minds would take on a property much more complex, expensive, and distressed?
Your arrogant, out-of-touch city of Charlotte leadership, that’s who.
Update: A $40m. purchase price would be a little under current tax value.
