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Cash For Development Rights?

Posted by: Chris Steins

20 November 2005 - 11:00am

A deputy district attorney charges she was fired after protesting a Lennar development project. The lawsuit uncovers a series of questionable payments from the city of the developer.

"Schulte is suing the city for wrongful termination, saying she was forced from her job after objecting to the Lennar Communities Inc. payments. In court documents, Schulte called the development agreement "illegal, fraudulent and corrupt." She contended that reimbursing Lennar for more than 100 percent of its costs would violate state and federal laws.

...Schulte said she had expressed concerns that the city's development agreement with Lennar - called a memorandum of understanding - put at risk the tax-exempt status of bonds it sold to pay for North Natomas drainage and road projects and could make the city liable for civil and criminal penalties.

...Lennar Communities is a division of Florida-based Lennar Corp., one of the largest homebuilders in the nation. It acted as the "master builder" in the North Natomas area and has a number of projects in the Sacramento region."

Full Story: Developer deal draws DA inquiry
Source: The Sacramento Bee, November 19, 2005
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
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