Let’s document that this supposed “no-cost” city loan guarantee will cost the city of Charlotte plenty. The city now runs the Mecklenburg Mills apartment complex due to a developer defaulting on city-backed loans. Termite damage has rendered the building unsafe, and now the city is paying to put 60 families up in local hotels. And they are not happy:
“What are you going to do for me and all of us?” former resident Kitty McCarter asked the city. “Because you all got the trump card, we don’t. The only thing we’re going to do is march around here and raise a little hell if we have to.”
Ah, yes some hell. The very definition of local governments trying to play the real estate market.
