A Pocket full of Gold?

There are 2 Propositions on the table for Travis County this November 4th. While the 1st Proposition is important, it is the 2nd Proposition that is getting the attention from the Austin American Statesman. Proposition 2 would change the City Charter and forbid the City Council from granting financial incentives.

I have to agree with the columnist, if this truly is all there is to Proposition 2. If you take the ability for the City to provide incentives to businesses coming into the area, you are essentially dictating the fate of the City of Austin. One of the big reasons we have high tech companies and a booming economy compared to the rest of the nation, is because of those very incentives. You cut those out, you might as well kiss the economy goodbye.

While the columnist seems to have a great deal of knowledge of the tax break plan that was made with “The Domain” developer, he does not give enough information as to why a voter would want to vote “no” other than expensive lawsuits that will cost the tax payers. Unless the proposition document spells out that it will break current contracts that the City has made with previous developers, I can’t imagine that all contracts will need to be written to conform to this new policy. This would be economic suicide for sure.

I have to sometimes wonder, as I am sure we all do, why frivolous proposals such as this ever get to the ballot. Something such as this, that could detriment a city in such a volatile economy simply does not make since. It almost makes you wonder if someone’s pockets are getting lined with gold if it passes.