Dino Paspalakis was sure his business was secure. For 17 years, as co-owner of Joyland Amusement Center, a popular arcade in Daytona Beach, Florida, he's been pouring his money into upgrades, drawing a consistent clientele, and carrying on the family business. His father opened the arcade in the 1960s, after working every snack bar on the Daytona Beach boardwalk to make money to buy it, Paspalakis, 40, says.But now he faces a threat. The city of Daytona Beach, using a legal doctrine called eminent domain, is trying to take the property and give it to developers to build high-rise condos and hotels. In February [2004], they told me they'll be seizing the land. Developers are pushing out [independent] shops, he says.
That's from the January 2005 issue of Entrepreneur magazine, in an article warning small business owners that they may face the same threat. Hat tip to Eminent Domain Watch for publishing the story online.
