BG Reads | News You Need to Know (December 18, 2019)
[BINGHAM GROUP]
NEW -> Episode 66: Generational Leadership with Michael Linehan, Land Strategies Inc., and Preston Flynn, Flynn Construction Inc. (LINK TO SHOW)
[AUSTIN METRO]
Austin’s opportunity zones expected to see increased investment, development in 2020 (Austin Monitor)
Real estate professionals and the investment community expect development activity to increase in the 21 census tracts in the Austin area that qualify as federal opportunity zones. Those zones, created as part of the 2017 federal tax cut, were designed to promote investment in distressed communities and adjacent tracts by allowing investors to reduce or delay their capital gains payments by putting their money into areas in need of an economic stimulus.
At the December breakfast for the Urban Land Institute Austin, panelists discussed the state of opportunity zone investment in Austin and the final regulations governing the program scheduled for release soon.
The program, which has more than 600 qualified zones in Texas, has caused some concern in Austin from residents and activists fighting gentrification and displacement of longtime residents. Currently, all of the designated opportunity zones are east of Interstate 35… (LINK TO STORY)
Travis County commissioners approve economic development strategic plan, receive update on incentives policy (Community Impact)
Travis County commissioners voted unanimously to adopt a new economic development strategic plan at a Dec. 16 meeting.
The plan prioritizes helping local businesses start and scale up, workers’ financial empowerment, place making and improved mobility.
The vote comes after the Commissioners Court directed staff in 2017 to develop a comprehensive strategy and, more recently, revise the county’s economic development incentives policy and suspend accepting any new applications for such breaks.
Currently, the county oversees seven economic incentive—or property tax rebate—agreements. The costliest agreement is with Samsung, a company to which the county has rebated $65 million since 2009. The agreement expires in 2027… (LINK TO STORY)
Plan for 53-story hotel, apartment tower on Rainey Street moves forward (Austin Business Journal)
Plans for another tower on Rainey Street have already changed ahead of the Austin Convention Center's expected expansion.
The 90-92 Rainey project is planned for the northwest corner of Davis and Rainey streets, where Bungalow and the Container Bar currently stand. A development team led by Urbanspace Real Estate + Interiors founder and CEO Kevin Burns hopes the proposed residential and hotel tower can offer a new home to the popular bars.
"We're trying to maintain the integrity of the entertainment district," Burns said.
Austin's Design Commission voted Dec. 16 to find the project in substantial compliance with the city's urban design guidelines, a key requirement for whether a project can participate in the downtown density bonus program… (LINK TO STORY)
[TEXAS]
Midland County officials just found a missing ballot box. It may change the result of a $569 million bond election. (Texas Tribune)
A proposal for a $569 million bond to build two new high school buildings in Midland failed by 25 votes in the November election, a margin slim enough it set off calls for a recount.
The ballots were recounted manually, and to the delight of Midland ISD officials, the results flipped and the proposal passed by a margin of 11 votes.
But last week, a Midland elections staffer found a box on the bottom of a shelf in the office containing 836 ballots that weren't tallied in the recount. Those votes threaten to again reverse the election results, which school officials are counting on to generate hundreds of millions of dollars for school construction… (LINK TO STORY)
USAA names Wayne Peacock to replace Stuart Parker as CEO (San Antonio Express-News)
In an unexpected announcement today, USAA has named longtime executive Wayne Peacock to replace retiring CEO and President Stuart Parker on Feb. 1. Peacock, 61, will become the first chief executive without a military background to lead the San Antonio insurance and financial services company in its nearly 100-year history.
USAA touted Peacock’s more than 30 years of experience across all of its business lines. He has served the last three years as president of the Property & Casualty Insurance Group. USAA plays a critical role in San Antonio because it’s one of the few large corporate employers and because of its active involvement in the community. About 19,000 of its 35,000-person workforce are based here, serving 13 million members — comprised of current and former members of the military. “Serving the military community is my passion, and it’s an honor to follow a legacy of great leaders at USAA,” Peacock said in a statement… (LINK TO STORY)
Dallas-Fort Worth homebuilders expect uptick in 2020, with focus on affordability (Dallas Business Journal)
North Texas homebuilders are encouraged by low interest rates, population growth and job growth headed into 2020, but their optimism is tempered by the reality that all good cycles eventually come to an end.
The consensus opinion: New home sales will climb, but slowly, in the year ahead.
Expect an increasing focus on affordability, says Keith Hurand, the Dallas-area division president for Taylor Morrison and Darling Homes.
“We, as almost all builders currently in Dallas, continue to focus on serving a more affordable market through finding the right land deals and creating efficient product and specifications,” Hurand said. “The market has seen an uptick in momentum in 2019 due to lower interest rates and we all hope for continued success through 2020 as long as we continue to see those benefits coupled with strong employment growth.”… (LINK TO STORY)
[NATION]
Trump calls for halt to impeachment in scathing letter to Pelosi on eve of vote (The Hill)
President Trump sent a letter to Speaker Nancy Pelosi (D-Calif.) on Tuesday urging her to halt impeachment proceedings one day before the House is set to vote to impeach him, accusing Democrats of an “unprecedented and unconstitutional abuse of power.”
Trump, in a scathing six-page letter to Pelosi, complained about the impeachment process, defended his conduct toward Ukraine and accused Democrats of “interfering in America’s elections.”
“It is time for you and the highly partisan Democrats in Congress to immediately cease this impeachment fantasy and get back to work for the American People. While I have no expectation that you will do so, I write this letter to you for the purpose of history and to put my thoughts on a permanent and indelible record,” Trump wrote… (LINK TO STORY)
Facebook adding part-time fact-checking contractors (AXIOS)
Facebook is creating a new pilot program in the U.S. that will leverage part-time contracted "community reviewers" to expedite its fact-checking process.
The big picture: The community reviewers will help to corroborate or debunk stories that Facebook's machine learning tools flag as potential misinformation. This will make it easier for Facebook's fact-checking partners to quickly debunk false claims… (LINK TO STORY)
The Bingham Group, LLC is an Austin-based full service lobbying firm representing and advising clients on municipal, legislative, and regulatory matters throughout Texas.
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