Public payday: How can Dallas afford $150 million in tax breaks for three big projects? | mitchschnurman
Goldman Sachs would get a cash grant of nearly $4.4 million from Dallas as an incentive to create an office with at least 5,000 workers. The new real estate project on the north end of downtown Dallas, seen in this rendering, would also get tax abatements worth $13.6 million over 10 years.The Dallas metro has one of the strongest economies in the nation, regularly outpacing rivals in creating jobs and attracting newcomers.
Yet on Wednesday, the City Council agreed to pony up $150 million in tax breaks and cash grants to incentivize three major real estate projects – two around downtown and one in southern Dallas. The big commitment raises two questions: Why does Dallas have to pay companies to invest here? And where is Dallas getting that kind of money?
The first answer is straightforward: Dallas is paying incentives because it has to – at least, if it wants to compete for an office project anchored by the likes of Goldman Sachs.on the Fortune 500, is one of the most prestigious names in American business. It could locate a large satellite office anywhere, and most metros would promptly roll out the welcome mat and pile up the payola.
Reason: Goldman is bringing high-paying jobs and a huge investment, and those ripple effects lift a local economy.Goldman and Dallas’ Hunt Realty, which is developing the property just north of downtown, plan to spend nearly half a billion dollars on the tower and finish out. That would make it the
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