After its second day of budget deliberations and numerous additions for quality-of-life programs, City Council still needed to find or trim an additional $1.2 million to $1.3 million in order to balance the budget for Fiscal Year 2015-16. A city spokesman said late Wednesday that staff would not be sure of the exact number until […]
Economic Development Incentives
This is shorthand for a series of programs designed to lure business to a given region. In Austin, the program tends to take some form of tax-based incentives. These can include rebates or grants that are often tied to a set of stipulations. These tend to include local hiring goals, same-sex partner benefits, or, more recently, wage floors for construction workers who build facilities for the incoming organizations.
Posted inBudget
Zimmerman seeks cut to Chapter 380 funding
City Council Member Don Zimmerman has proposed that Council cut by 50 percent payments to companies that have Chapter 380 agreements with the city, as a way to “reduce the tax burden by over $6.8 million without cutting city services.” Zimmerman’s message as posted on the Council Message Board states, “This would just be for […]
Posted inLocal Government, Travis County
Some Commissioners question incentive deals
Travis County Commissioners reviewed the county’s economic development agreements last week, and despite the fact that they bring billions of dollars in investments and create thousands of jobs, some members of the court wonder whether the county really needs such deals. Representatives from the Planning and Budget Office told Commissioners that Travis County currently has […]
Posted inLocal Politics
Economic Development Department changing perceptions, funding
Changes are coming to Austin’s Economic Development Department this year, with a new source of revenue and a plan to change the public’s perception of its mission. As the FY2015 budget cycle gets into full swing, the city is in the process of shifting funding for the department away from transfers from Austin Energy and […]
Posted inLocal Government
Travis Commissioners OK incentive deal for Charles Schwab
Travis County approved the $8.5 million economic incentive agreement with Charles Schwab Tuesday morning, ensuring an Austin expansion of their offices and an estimated 823 new jobs for Austin within the next ten years. Charles Schwab will also get $4.5 million in state investments from the Texas Enterprise Fund, as promised by Governor Rick Perry contingent […]
Posted inLocal Government
Charles Schwab wants $3.6 million tax rebate for Austin expansion
The Austin Chamber of Commerce urged Travis County Commissioners to enter an $8.5 million economic incentive agreement with Charles Schwab Corp., the San Francisco-based banking and brokerage corporation, at Tuesday’s regular session. The company is seeking $3.6 million in tax rebates from Travis County to expand its Austin operations. Some local taxpayer groups are already […]
Posted inDevelopment, Local Politics
Austin Monitor Radio, Show 3
Council Member and 2014 City of Austin Mayoral candidate Mike Martinez joins the Monitor‘s Mike Kanin and Mark Richardson to talk Economic Development incentives. [soundcloud url=”https://api.soundcloud.com/tracks/155080663″ params=”auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&visual=true” width=”100%” height=”450″ iframe=”true” /]
Posted inDevelopment, Local Politics
Tovo, Martinez disagree with Mayor over rejection of incentive deals
After learning Monday that National Instruments and Dropbox terminated economic incentive agreements with the city, Austinites learned Tuesday that a third company, U.S. Farathane, also ended its participation in the program which gives companies tax breaks or fee waivers in return for promises of good wages and other benefits for new employees. For Mayor […]
Posted inDevelopment, Local Politics
National Instruments nixes expansion; Mayor calls incentive rules onerous
National Instruments, the Austin-based high-tech firm with a global reach, has opted out of an estimated $7.4 million economic development deal with Austin, Travis County and the State of Texas. The deal, struck in mid-2013, would have brought as many as 1,000 new, high-paying jobs to Austin over the next decade. Mayor Lee Leffingwell […]
Posted inDevelopment, Local Politics
Eco Development staff pitches city incentive plan for film producers
City of Austin Economic Development staff briefed City Council members Thursday on a proposed new set of incentives aimed at creative industries such as film, television and computer gaming. The package, set for a vote May 1, would offer production companies as much as a 0.75 percent rebate for salaries paid to local production staff. […]
Posted inDevelopment, Local Politics, Uncategorized
Council approves economic incentive deals for Websense, Dropbox
Austin City Council members Thursday approved nearly $700,000 in non-property tax based incentives in an attempt to lure two new tech firms, Websense and Dropbox, to Austin. The deal came on a 5-2 tally with Council Members Laura Morrison and Kathie Tovo voting against the measure. But the real money in these equations comes […]
Posted inDevelopment, Local Politics, Uncategorized
Council members OK Websense, Dropbox incentive deals
Austin City Council members today approved nearly $700,000 in economic development incentives designed to lure Dropbox and Websense to the capital region. The agreements will come with stipulations for the creation of 540 new jobs and millions of dollars worth of leasehold and other expenditures. Of late, some Council members have expressed serious reservations […]