The development company that owns the land isn't moving forward because of the "Great Recession." They tore down Bay Meadows and the land is still sitting empty; they can't get loans to procede. (Actually, it isn't empty, it's full of debris, and a dead loss for the city in terms of taxes coming in.) If the city council of Inglewood is smart (not always a given), they will make the company prove it has all the financing in order before they issue a single permit.
The city of Lexington has a city-block sized hole in the middle of its downtown, because the powers-that-be let the Webb Bros. tear down a bunch of 100-yr-old buildings before said company had more than promises. Turns out the guy who 'promised' funding died without signing anything, heirs felt no obligation, the Webbs had no cash to go forward, and there it sits, no businesses generating employment or taxes for the city. Since the Webbs were shamed into planting some grass on it, it is not so scar-like, and during the WEG, it made a nice auxiliary town square. Whoopee.
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11-23-2010, 11:32 AM
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