Does anybody see a major problem with this?

Hudson County freeholders will use eminent domain to seize own building
by Agustin C. Torres/The Jersey Journal Wednesday August 12, 2009, 8:57 PM
Tomorrow, the Hudson County Board of Chosen Freeholders are expected to introduce a measure at its 1 p.m. meeting calling for the seizure by eminent domain of a Jersey City four-story building at 567 Pavonia Ave. It is the home of the freeholders.

Sometimes called the Panepinto building, after the politically connected owner Joseph Panepinto, the blue-glass structure has been home for the freeholders for 20 years. By seizing the building "for the public good," county officials hope to encourage "realistic" sale talks and have a deal completed by Oct. 1.

County officials said they have been trying to negotiate with Panepinto but the owner is looking for a price above $12 million but the freeholders are willing to go a bit above $8 million. The county governing body has been paying a lease of $1.1 million a year. If purchased, the building would require $2 million in upgrades, including a new air conditioning and roof. The annual cost to the freeholders would be about about $700,000 a year, $300,000 in annual savings, according to officials.

The lease amount paid to Panepinto by the county included $118,000 in annual property taxes collected by Jersey City.

http://www.nj.com/hudson/index.ssf/20 ... y_freeholders_will_1.html.

Is this frigging ridiculous or what?! I am no fan of Joseph Panepinto, who according to some of the more colorful web comments, is a one of the most corrupt and vicious developers out there, but come on. If it's his building, he should do what he wants with it.

This is extortion, pure and simple. You freeholders are absolute scum.