Here is a brief excerpt from the Cato Institute and as the title alludes, taxpayer funded redevelopment is nothing more than "Crony Capitalism and Social Engineering".
_____________________________________________________________Policy Analysis no. 676
Crony Capitalism and Social Engineering: The Case against Tax-Increment Financing
by Randal O'Toole
Randal O'Toole is a senior fellow with the Cato Institute and author of The Best-Laid Plans: How Government Planning Harms Your Quality of Life, Your Pocketbook, and Your Future.
Tax-increment financing (TIF) is an increasingly popular way for cities to promote economic development. TIF works by allowing cities to use the property, sales, and other taxes collected from new developments — taxes that would otherwise go to schools, libraries, fire departments, and other urban services — to subsidize those same developments.While cities often claim that TIF is "free money"... Read More Here