05/14/02 -- Battle
to take back our city has begun!
Sure, you are busy, but you were busy a week or so ago when you got the new
appraisal on your house. How did that sit with you? You may have
been keeping up your house, but you did not add a wing or another floor or a
pool or anything major -- and suddenly your house is valued way beyond what you
can sell it for -- unless a robber baron like Tom Hicks wants your lot to add to
his estate. You are going to be paying 100% of your property taxes on an
overvalued house, and 100% of the property taxes you pay will go into the
general budget, which very well may not include the repairs needed in your
Well, sweet cakes, on May 22, 8 people on this city council, including Mayor
PreTend Poss, Send Me Some Money Loza, Beat that Indictment Fantroy, Don Hill,
Dr. Elba Garcia, will vote to give Tom Hicks, Ross Perot, Jr. and their alter
ego, Palladium, another $43 Million tax abatement for the Victory
person of character will be voting for this fraud.
The council crooks will vote for this tax abatement without ever reading the contract between the City of Dallas
and Palladium because City MisManager Ted Benavides won't give them the
information. CMM TB will not give give them the information because he
signed a contract while Senatorial Candidate Con Jerk was Mayor that Palladium
would not have to provide any supporting documentation for the additional tax
abatement on the "grounds that their development and operating pro formas
were proprietary". (Source: Sedway Group 5/3/02 memorandum to
George Schrader, the Downtown Group)
It amazes me how a Public Hearing can be conducted on the
Palladium issue when none of the players have a Pro forma and know
nothing about what to discuss in the hearing. If the Council lacks
such information, how on earth will the Public be able to discuss
anything intelligently? Furthermore, how can a vote be taken when
very they don't know the details of the deal?
When the media writes up this Palladium vote story,
there's no doubt that it will go national. It's no wonder
companies such as Boeing choose to reside where there is a better
control of sanity.
This is pretty amazing stuff. If any more time goes by, we won't
have the money to finance a deal like this anyway, so it will be moot.
We are getting poorer as city by the minute!
If the DMN ever did print stuff like this, it would run the risk of
becoming a really GOOD paper. No fear of that, I guess.
On the matter of Police Pay Increase -- What were they thinking?! The
timing was wrong; they would not address good value for the increase;
they did not want to compromise on the Council proposal (which was
actually pretty generous under the circumstances); and they seemed to
say (in my opinion, anyway), that they DID NOT CARE if civilian
employees would have to be laid off in order to get their raise.
This concerned a lot of my neighbors.
Good luck and keep up the good work.
L.Garrett: GO GET'EM TIGGER!! KEEP THE SPOTLIGHT ON THOSE
"COUNCIL-CROOKS"; THAT CHEESY "MISMANAGER," AND THAT
INEPT "WANNA-BE" CROOKED POLICE CHIEF...
There is an important story on Palladium's recent non-deal in San Jose (use the
title link to read the entire article yourself):
the May 10, 2002 print edition
As late as January, just
two months before plans for a $1 billion makeover of downtown San Jose
fell apart, the San Jose Redevelopment Agency was still intending to use
its power of eminent domain to take property from unwilling sellers, use
subsidies to help lure big-name retailers to the city center and allow
the razing of some of the downtown's remaining stock of old buildings.
. . .
He notes that Palladium wanted to withhold its final decision on whether
to go ahead with the project as much as a year after condemnation
proceedings had begun.
"However," Mr. Thornton writes, "Palladium understands
that there will be economic consequences to advancing dollars for
condemnation and then not going forward."
That issue goes to the heart of concerns by locals that their businesses
will be forced to move but their places of business will remain empty
for years afterward, a story that is common in downtown San Jose. . . .
The Palladium deal was falling apart by Feb. 28, the day by which the
company was to pay the agency $125,000 for the privilege of being the
sole developer to negotiate for the downtown development plan. Palladium
defaulted on the payment, and on March 6, Ms. Shick wrote that if the
matter were not cleared up by March 27, the agency would be free to look
for another developer for its downtown plans. On March 25, Palladium
announced that it was pulling out of San Jose
Mr. Wong says Palladium defaulted because by late February it was
becoming increasingly clear that no agreement would be forthcoming.
That's who we are dealing with -- that's who 8 council crooks are trusting --
that's who the City MisManager is covering for -- that's Palladium -- that's
Ross Perot, Jr. and Tom Hicks.
Here is an important quote from the Sedway Group's report to the Downtown Group:
|In our experience over 20 or so years, it has been a given
that when a private developer is seeking taxpayer money for their
project, they are required to provide detailed information about their
development cost and operating assumptions. In our experience,
such a claim of proprietary information would be a total
"non-starter", i.e. the City would literally not even talk
with them. Furthermore, most developers in our experience would
not come in seeking a specific amount of assistance without the
supporting documentation that shows why they need a specific amount.
Therefore, it is truly astounding to us that Palladium has taken this
position so long and so adamantly.
Exactly what is Palladium
hiding? Are we going to lose another MisManager to a Hicks-related
company? On second thought, getting rid of Ted Benavides and his Chief of
Police might just be worth $43 Million. That might save us from the
next $43 Million + extortion scheme from Hicks and Perot or Chief TB screwup.
That's an important issue. With the exception of the council crooks who
support this fraud on Dallas taxpayers, who in their right mind thinks
this $43 Million is the last time we hear from Hicks and Perot for more tax
Another even more important issue is the impact of Palladium's plans for Victory
on any revitalization of Downtown. According to the Sedway Group,
|The likelihood of a successful revitalization of Dallas'
"inside the Loop" area (hereinafter referred to as the CBD) as
anticipated in the proposed Main Street Development Project, will be
greatly reduced by the Palladium Product as presently defined.
Among hte reasons for this conclusion are the following:
Palladium's location . . . site with clean developable parcels, new
infrastructure facilitated by City TIF financing, and superb freeway
visibility and access provides it with an inherent competitive edge over
more physically constrained, Downtown in-fill sites;
. . . Palladium will inevitably be courting many of hte same tenants
that would be considered essential to . . . Mainstreet Plan.
There is no evidence that central Dallas could support the type and
amount of new retail envisioned for both the Palladium and Mainstreet
projects. In fact local real estate professionals doubt that
Palladium will be able to develop the planned 500,000 s.f.
You don't have to be a "real estate
professional" to doubt that Palladium will develop the planned
project. If you have lived in Dallas for the past 30 years, you have seen
many, many big development plans get cut in half or quarters or never done at
all. Where's the 2nd tower to Main Place? Where's the 2nd tower for
Fountain Place? Where's the West Tower for CityPlace or the sky-bridge
that was to span Central Expressway? The folks in the real world told the
CityPlace big shots their plans were outrageous and would not work. The
morons at City Hall just laughed at us for questioning the wisdom of people
richer than us (which council crooks always confuse with being smarter than
us). CityPlace just wanted massive density through a convoluted zoning
Hicks and Jr. and Palladium want the key to our city vault, and City MisManager
Ted Benavides seems determined to give it to them.
An interesting point that Sedway includes in its report,
|6. In San Jose, California where Palladium proposed a similar
project, but within the established downtown, Palladium was
overtly concerned that a competing new retail development just outside
downtown could negatively impact Palladium's efforts to secure tenants
for their downtown project. That project, Santana Row, was built
and Palladium has recently pulled out of the San Jose project.
If Palladium is successful, it will certainly reduce the property value of
Downtown office buildings. According to the Dallas Business Journal, the
rent is already falling Downtown. (Use the title link to read the entire
|From the May 10, 2002 print
Effective office rental rates dropped by
nearly 4% in 2001, with landlords in the Dallas Central Business
District taking a hit of about $1.50 per square foot. Due to offsetting
increases in operating expenses, tenants saw an average drop in space
costs of about 90 cents per square foot.
When Downtown buildings cannot be leased, their owners will successfully appeal
to the Appraisal District to have their property valuation reduced. When
that occurs, we are talking about an immediate $10 Million short fall in
property tax revenue for 1 year. Guess who will have to make up the
shortfall? You and me, sweet cakes. Hicks and Perot and Palladium's
project will be taxed at the same rate it was taxed before the arena was built,
when the land was undeveloped. They will get to spend all the money that
should have gone into the general budget right smack dab in the middle of their
That can't be OK with you! It's sure not OK with me.
Here's something even more sinister to consider -- where has The
Dallas Managed News been in
all this? I did a quick scan of the DMN Business Section -- nary a word
about this mess. If Belo never got rid of its interest in the Mavericks,
it still has a stake in the Victory real estate development. It's a part
of this fraud on the citizens of Dallas. This Palladium deal last week is a fraud on the
citizens of Dallas.
It's time for Mayor Miller to take her gloves off and publicly expose this
fraud. It's time for her to go on every talk show in town and tell the
citizens about Ted Benavides refusing to tell our Mayor about the terms of the
city's contract with Palladium. It's time for Mayor Miller to identify
which council crooks are willing to vote for a contract that they know nothing
Citizens, it's time for you to stand up and be counted.