The City Council of St. Petersburg will make a decision this Thursday that will signal what path the city is taking for the future. The council will vote on spending nearly $700,000 in taxpayer money for more police and special projects for the owners of BayWalk, including privatization of the sidewalk outside the mall entrance. BayWalk's ownership, whose controlling interest is held by Wells Fargo Bank, said without the subsidy and the sidewalk, they cannot possibly turn around the failing entertainment complex.
From the standpoint of public policy that promotes sustainable economics, the council’s choice is clear, I think. Will it continue a worn-out policy of subsidies to out-of-town corporations and mainly profit the wealthy few? Or will it adopt an enlightened, sustainable public policy that promotes economic development of all local residents, in every community, not just the privileged ones?
This article appears in Sep 30 – Oct 7, 2009.