Land Swap Deal Causes Controversy

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:

• Who is Watching Out for Us? (Sharon Boyd: DallasArena.com)

• Plot Thickens in Land Swap (Dallas Morning News)

• Hunt Pursues New HQ Support, Land Swap Deal (bizjournals.com)