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Liveable City Reports Confirms SDS a “bad deal”

Press Release July 1, 2008

Stop Domain Subsidies’ Claims Substantiated by Liveable City Report
“The Domain: Anatomy of a Bad Deal”

Liveable City, whose mission is to build a shared and sustainable vision for Austin’s future, released a report on economic development practices on Monday authored by economist Michael Oden, a professor in the Community and Regional Planning Department at the University of Texas at Austin. The report, entitled, “Building a More Sustainable Economy: Economic Development Strategy and Public Incentives in Austin”, systematically exposes the folly of the subsidies slated for The Domain luxury shopping mall, by concluding, “The Domain deal stands out among all the incentive packages supported by the city in the past ten years as a generally bad deal by most meaningful criteria.” The report was also most critical of the one week notice the Austin City Council gave to the public before passing the $65 million subsidy package the study referred to as “a bad deal”. The report goes on to substantiate claims made by Stop Domain Subsidies founder, Brian Rodgers, who has been working since 2003 to stop the taxpayer boondoggle, which led to a citizen’s petition drive to place the issue on the November ballot.

The report was commissioned for the purpose of reviewing the City of Austin’s policies and procedures related to tax incentives. The overall report gives a series of recommendations that will help safeguard that in the future the City’s taxpayers are protected. You can read the full report here. The Domain deal is discussed starting on page 62:

http://www.liveablecity.org/IncentiveStudy.pdf

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For more information or to interview Brian Rodgers:

Jeff Heckler
StopDomainSubsidies.com
2153 S. Lamar, Suite 205
Austin, TX 78704
512-366-5000
512-657-2089 cell

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