Hartsfield Jackson Atlanta International Airport

[cybele]

What conceivable claim could the state of Georgia possibly have to MARTA or the Atlanta airport? They didn't think them up or develop them. They have never funded or invested in them. They've never operated them, maintained them, or policed them. They've never scrimped and saved to pay the bills or battled off the competition. Or are we now in some Hugo Chavez-like socialist system where the government simply declares, "We are seizing all your property and declaring it assets of the state"?

Unless I'm mistaken, the U.S. Constitution provides there shall be no taking by the government for public use without full and adequate compensation. In addition, the Constitution of the state of Georgia -- and I assume the state agrees that it is bound by that – specifically says in Article I, Section III, Paragraph I that: "Property shall not be taken or damaged for public purposes without just and adequate compensation being first paid."

Now, off the top of my head, I’d peg the value of the world’s busiest airport at approximately $350 billion. (By the way, the notion that the city of Atlanta doesn’t own the airport because it collects landing fees from the airlines is ridiculous – that’s like saying Arthur Blank doesn’t really own the Falcons because he collects revenue from the fans and the TV networks).

For MARTA, the eighth largest transit system in the United States, with 50 miles of urban heavy rail, 38 stations, and about 600 buses, I’d say you’re looking at another $50 billion at least.

If the state wants to pay fair value for these assets, I might just say let them have them have it, and we’ll take our money and do something even better. But for the state of Georgia to imagine it can just “take” these assets, I don’t think so. Last I heard Castro and Ahmadinejad haven’t taken over the state of Georgia just yet.