From Dallas, a story about unfulfilled expectations from a taxpayer giveaway to lure a Bass Pro Shops. (Are you listening, Boss Hays?) The supposed windfall of growth from the subsidized project hasn’t produced new tax revenue sufficient to pay off the debt incurred to get the project built. And the promises of a related explosion in development seems to have fallen a bit short, too. (Yes, city officials still think it’s grrrrreat. Of course.)
When you invest millions and let the developer hang onto his property taxes rather than sending them to schools and other public services, you need a HUGE amount of development to begin reaping a profit on the giveaway. And that’s even before factoring in the damage done to competitors by the government-subsidized newcomers. But never mind that. Let’s drain Dark Hollow now and do the math later
UPDATE: I thought I’d share a note from Richard Mays, the Heber Springs lawyer who has filed suit challenging the permit to fill parts of Dark Hollow to build a Bass Pro Shops in North Little Rock.