Intervention's lesson: There's no better object lesson in the folly of “government economic development” than the mess that is the corner of Washington and Bower Hill roads in Mt. Lebanon. The latest proposal to develop this parcel has failed after Zamagias Properties defaulted on taxpayer-backed loans used to acquire the property. The “state,” at least for now, is left holding a $1.78 million bag. Worse, Zamagias gets to keep the property. Don't try this with your local bank.Follow us: @triblive on Twitter | triblive on Facebook
Mt. Lebanon needs to exercise its buy back option and buy back this property. Zamagias Properties has the money and is getting away with it because they can. Commissioners, do the right thing.
Update January 30, 2014 10:20 AM Here are 9:31 AM's comments pictorially.
