In a newspaper article yesterday Alamo Drafthouse had a few
words to say. Towards the end of the story the tax abatements were laid out.
The city has agreed to up to $100,000 a year in sales tax rebates for 10 years.
In addition to that Hartman Properties will receive an annual grant of $300,000
for five years. The sales tax rebates and grants will total about $2,500,000.
Who could refuse a deal like that? Not Alamo Drafthouse and
Hartman Properties.
Tax income from residential properties average a bit less
than $1,000 a year. There are about 26,000 residential homes in Richardson. The
economic deal for the Alamo Drafthouse means that effectively the taxes for
about 10% of the residential properties in Richardson will pass through city
hand and got right into the hands of the two businesses.
I am betting that other businesses that do not get these kinds
of special deals would sure like to have them also. But some people are just
more special than others.
Alamo should give us Richardson taxpayers free passes! Probably the council got free passes already?
ReplyDeleteMaybe I’m a crackpot.
ReplyDeleteThis is the city taking the risk out of someone investing in Richardson. Who’s on the hook when the Drafthouse fails?? Who’s going to laugh all the way to the bank?? Who’s rubbing elbows with whom??
I ponder where the other 3 thousand we pay in property tax goes...
Where the heck are tax abatement dollars to get a Grocery Store near Beltline and Plano Roads ?
ReplyDeleteDuck, don't you know the east side is the step child side of the city??? You might as well be part of Garland for all the council cares about that side of town.
ReplyDeleteRichardson is running out of bribe money and cannot compete with deeper-pocket neighbors. It's like a big game of chicken when some enterprise scouts the territory for space. They play municipalities against each other like a high priced hooker and get their money every time. Then, pack up and move when the kickback ride ends. I'm surprised there has not been a law enacted to address such stupidity. Yes, Texas municipalities are a bunch of suckers who pre-spend infrastructure maintenance money to get their name on a cheap sign.
ReplyDelete