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Maine Enacts Landmark Law Requiring Economic Impact Studies of Big-Box Projects
2007-06-29
Editor’s Note: State officials in Massachusetts have tilted heavily toward support of sprawling real estate developments in which huge “anchor” stores – almost invariably parts of national chains – stand proudly amid acres of asphalt. Governor Deval Patrick has appointed developers associated with the Northpoint megaproject to key state development positions – and their views are increasingly evident in the Administration’s call for subsidies, tax breaks, and relaxed regulations for big projects. The push for casino gambling is part of the picture because “destination casinos” are envisioned that would apparently be part of a massive development complex. Hundreds of millions of dollars of government loans and subsidies are being poured into megaproject development schemes (Over $120m is being targeted to the Northpoint project alone.) But is this really the type of economic development that helps our economy? Is support for megaprojects the best way to spend our tax money? Is it possible that losses to the local economy outweigh the gains from the big projects? A number of economic studies cast doubt upon the worthiness of the megaproject approach. A law recently passed in Maine is intended to take a close look at the impacts of big-box development on the local economy. The article below is provided by the Institute for Local Self-reliance. |
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