We've had the same issue here in Florida. Property is taken by Eminent Domain, not to produce a public utility like a school or freeway overpass, but so it can be developed by private enterprise into a higher property tax generator. In my town, a set of small businesses downtown were evicted by having their expensive land condemned and the developers bought it at a discount, then built a government-subsidized tourist trap on it it. Just a few years later, the development went bust because they kept raising the rent on the merchants there and they had to move out. Now they're getting ready to do it again, the same guys, to build a hi-rise condo on the spot. Local government gets to reappraise the land and raise tax revenues, a few developers and contractors get rich, and dozens of small entrepreneurs running useful and profitable businesses are ruined.
If this is capitalism, I want no part of it.