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Government Has No Business Speculating In Real Estate

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THIS IS THE DEFINITION OF NON-ESSENTIAL GOVERNMENT …

Taxpayers in Dorchester County, S.C. are on the hook for a $4 million speculative real estate investment – the very definition of non-essential government.

Dorchester County will spend $4 million to construct a 100,000-square-foot building near St. George, S.C.  Local leaders say they hope the building “will create an opportunity for new industry to bring jobs and investment into Dorchester County,” according to The Charleston Regional Business Journal.

That’s right … there is no specific project associated with this development (although that would be bad enough), this is an “if you build it, they will come” situation.  Or “providing ready inventory for industry,” according to the local county council leader.

Unreal …

This is precisely the sort of crony capitalist project we oppose on principle.  Government officials at all levels complain incessantly about not having enough money for core responsibilities like law enforcement and infrastructure – but then they blow millions of dollars on crap like this.

It makes zero sense.

So who profits from this taxpayer-subsidized development?

Glad you asked: Thomas & Hutton will get paid to engineer the building, while LTC Associates will design it. M.B. Kahn Construction will build the structure while Carolina Commercial LLC and Newmark Grubb Knight Frank will be its brokers.

Must. Be. Nice.

Oh, and there’s no word yet as to whether any of these firms were required to participate in a competitive bidding process to receive this taxpayer-funded windfall.

(Banner via iStock)

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