Even with massive corporate welfare, Loveland's Promenade Shops are facing foreclosure.

More on that in a moment on the Face The State Radio Minute.

It's another case of corporate welfare backfiring on all involved. Just a few short years ago, McWhinney corporation sold the City of Loveland on supporting a massive new development along I-25. In a murky arrangement, the city forgoes tax revenues which are instead used to prop up the shopping complex, the Promenade. Problem is, the property is now facing foreclosure from the banks who fronted the construction costs.

Put another way, the city wastes money in the name of "economic development." Consumers pay more than they should have to in special taxes, and the project is thrown into crisis anyway. And what exactly does Loveland have to show for their pain?

If foreclosure is necessary, the banks can hash it out in court. Government should never have been involved in this boondoggle.

I'm Brad Jones.