The Franklin Street “Village Garage” lot was publicly targeted by the Village Council for condemnation as “blighted” as part of a redevelopment plan. The Village would rely on the decision in Kelo v. City of New London, 545 U.S. 469 (2005), a case decided by the U. S. Supreme Court involving the use of eminent domain to transfer land from one private owner to another private owner to further economic development. Construction of a municipal parking garage would then follow. $15 million in bond money was raised for that purpose, but when Village residents objected to the heavy-handed use of the eminent domain power, the plan was dropped and the money spent on other priorities. The current owners bought the property at that time at a relatively low price expecting to make a tidy profit in the near future. Obviously that didn’t exactly pan out for them.
