Allen Gwinn 2005-10-14 12:39 City of Dallas
Smoke is starting to rise from a proposed land swap deal between the City of Dallas and "billionaire oilman" Ray Hunt. Mayor Laura Miller has called the deal, which could also give Hunt an additional $6.3 million in tax abatements, a "handout."
"If Hunt wants Reunion Arena, he should pay a fair price for it."
Hunt has threatened to pick up his company and move it to property near D/FW Airport if he doesn't get the tax abatements he seeks.
Reunion Arena has cost the city over $1 million dollars a year because of the city's non-competition agreement with the American Airlines arena.
The American Airlines center, a $125 million dollar portion of which was funded through hotel and rental car taxes, was approved by a razor-thin margin of voters in 1998. Adding up the tax abatements, some critics say, runs the price tag up above $250 million.
Links:
