There are many other questions that need asked before a government body decides to proceed with eminent domain for economic reasons. Here are only a few.
How many in the community want this project? How will this project produce jobs and economic progress? What success have other cities had after building this type of project? What other types of projects would be more efficient at creating progress? How does the government factor a "fair price" for that property?
Now, here's some questions for you as neighbors.
Should governments be asking the moral question of using eminent domain? Are you confident that governments are basing decisions off of proper data? Are you willing to help protect the property rights of others in order to help your own property rights? If you're not willing, why?
Not until YOU put yourself in the shoes of the landowners who are affected by this procedure, will property rights ever be protected the way they should. These property owners will have no leg to stand on against the government bodies. What will do when Uncle Sam comes to take your property?