05/14/02   Palladium-Hicks-Perot Fraud on Dallas Taxpayers
 
Something is happening in the next two weeks that should concern all Dallas residents.  

An insider deal is being railroaded through City Hall that will set the course for the Dallas economy for many years.  It has to do with the additional $43,000,000.00 that the arena people --- Tom Hicks, Ross Perot, Jr., etc. and their minions in the city bureaucracy, past and present, such as Ron Kirk, John Ware and Ted Benevides --- are trying to extort from Dallas.  

This issue will hit YOU in terms of your own property TAXES.  Perhaps you were upset with the property appraisal increase you got in the last two weeks.  After all, the economy is supposed to be tanking, isn't it?  Well, YOU HAVEN'T SEEN ANYTHING YET. 

Here's what is happening.

The Palladium developers (AKA Hicks, Perot, Kirk et al) are demanding 43 million in tax abatements or, they say, they can't come through on the development they promised when they promoted the original arena deal way back when (never mind that the deal has, of course, changed greatly in the interim).  The City Council is set to vote next Wednesday on this, and it appears that the necessary 8 votes will be cast to approve the deal.  

Here's the first kicker:  NO ELECTED PUBLIC OFFICIAL HAS BEEN ALLOWED TO READ THE CONTRACT!  THE COUNCIL IS BEING "PRESSURED" TO BLINDLY GIVE AWAY 43 MILLION DOLLARS OF OUR TAXES.  The TIF Board approved the TIF without having access to the contract and without proper notification of the meeting at which it was approved; a TRO is being requested to remedy this, but, given Dallas politics this may not happen before the council vote is already  history.

Would you sign off on a $43 million dollar deal without having seen the contract(s) if it were your money?  Or if it was money from people who trusted you to invest it wisely for them?  That is exactly what is happening here.  

Now the second kicker, for those of you who may love the arena, think Ron Kirk is the cat's meow, and admire the likes of Tom Hicks and Ross Perot Jr., I have just read a report from the SEDWAY GROUP.   (You may hear about this over the next few days, but probably not from the Dallas Morning News or Channel 8 because the Belo Corp. is in on the arena deal from way back).

Sedway has dealt with Palladium in California, and it wasn't pretty.  They point out that the deal being pushed in Dallas is simply "beyond (their) experience" and "astounding."  AND THEY SURE DON'T MEAN IN A GOOD WAY. 

Bottom line.... the Palladium development on the verge of being approved will impact the downtown Dallas area to the tune of a $300,000,000.00-$450,000,000.00 decrease in downtown property values, thus eroding the tax base by this amount.

Unlike Palladium, Hicks, Perot Jr. et al, these folks actually pay taxes on their property just like you or me.  

Where do you think the shortfall will be made up?  OUT OF YOUR POCKET!   Like I said, if you are upset at the prospect of the latest ratcheting up of your tax bill, YOU AIN'T SEEN NOTHING YET.  

Are you mad as Hell?  Are you going to take any more of this?  Are you going to call your council person and demand due diligence?  

If not, then think about this: THE CURRENT DEAL ($43,000,000.00) INVOLVES ONLY 20 ACRES OF THE 60 ACRES TO BE DEVELOPED AT THE ARENA.  ONCE THEY GET THIS, THEY WILL BE BACK.  AGAIN AND AGAIN AND AGAIN...UNTIL YOU STOP THEM.