Feeding Time In Big D

It's time for Madam Mayor and the folks on the Dallas City Council to slop them hogs. The hogs I'm referring to are the real estate developers that are licking their chops at the thought of Big D taxpayers subsidizing their latest projects. The city council headed down this slippery slope a few months ago, when they arranged a sweetheart deal full of tax incentives to get 7-Eleven to build its new headquarters in the Arts District. But according to an article by Steve Brown in today's Dallas Morning News, other developers are saying that they'd like similar deals from the city to build in downtown Big D. Hunt Consolidated is asking the city for more than $6,000,000.00 in handouts to build an office tower downtown. Developer Craig Hall thinks he'd like to build a 47-story skyscaper with offices and condos in the Arts District. He also thinks he'd like Big D taxpayers to help him foot the bill. "Our deal is likely to falter, absent incentives," Mr. Hall told the News. "I strongly feel that the city should be doing tax abatements in a transparent way and have a program." Well, gee, who wouldn't like the city to tear up their tax bill? In addition to Mr. Hall, Hillwood Capital, the developers of Victory are saying that they think they'd like taxpayers to help them foot the bill for future projects in their development as well. "...we are looking at new Victory Park projects that would absolutely require some public assistance." Jonas Woods, Hillwood Capital president told the News.

4 thoughts on the subject:

1. Economics. If a project is not economically feasible without the taxpayers helping foot the bill, then it's just not feasible, Period. These developers come to the city and say, "I'd love to build this in your town, but the numbers just don't work without incentives." So the city gets involved in a deal that doesn't make economic sense?
2. Fairness. Let's say I own an office building downtown. I keep it up, I pay my taxes, I'm a good landlord. And how does the city reward me? By subsidizing my competitor with tax dollars. Some of which I paid.
   
3. Propriety. What business is it of the Big D city council, or any city to get into the real estates development business? Can anyone logically argue that this is a proper function of government?
4. Stupidity. If the members of the Dallas City Council were smart enough to be successful real estate developer they would be too busy to serve on the city council. Honestly, take at look at the people on the city council of any city. These are not the brightest bulbs on the tree. Do we really want these people making multi-million dollar real estate investments?