City purchase of old buildings is not sensible public business

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I don’t know the details of the transaction, apparently Rick Wagner doesn’t know them either. Having said that, there is a cost to leaving a burned out building in the middle of downtown. It drives down surrounding real estate values, which have already been diminished by the economic downturn. Those lower values translate into lower property taxes. There are also “opportunity” costs associated with having a city that is blighted. I’d like to know the whole story before I pass judgment. Maybe you can do a follow up story that shows us who paid who for what, and what financing was used to make the transaction work. I do know from my work in economic and community development that CDBG grant money (money from the federal taxes that all citizens of the city pay)is frequently used to cure blight. If we can enhance our downtown by returning some of the money we all pay in federal taxes, the deal starts to make a lot more sense.

I wish the City had as much interest in the empty commercial properties that drive down property values and invite vandalism in the rest of Grand Junction as it does in downtown…

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734 S. Seventh St.
Grand Junction, CO 81501
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