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Feb 5, 2009 10:17 pm US/Central
Dallas Watches Victory Park Turn To Defeat
DALLAS (CBS 11 / TXA 21) ―
It was supposed to be the Times Square of Dallas, but 'Victory' has turned into defeat. In an era where the word "bailout" strikes a nerve with many, can or will the city save Victory Park?
"It's tough to work with individual businesses across the city and basically through tough time be able to support them," said Hammond Perot with Economic Development for the City of Dallas.
Perot says the city simply can't afford to be in the bailout business and that capitalism must run its course.
"During time like this, businesses will be hurt and will go out of business," he said. "We do think that the market will be stable over the longer period which will allow for different businesses to come back and take place of the ones that are leaving now.
There have been rare instances when the city dumped cash into a failing business. Two and half years ago, the council voted to give the Urban Market $1.1 million to stay afloat.
Today, the Urban Market is the only grocery store for residents living in downtown.
"There's nowhere else to do that," said downtown resident Roz Sarah. "I was able to come here on my bike, which is great."
The council voted to bailout the Urban Market, saying it was for the good of the public and necessary to revitalize downtown.
"I'm starting to see a lot more people move downtown," said downtown resident Marco Pacchiano. "I ran into two friends who just moved to downtown and are actually shopping here because they don't know where else to go."
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