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- BG Reads 5.8.2024
BG Reads 5.8.2024
🗞️ Bingham Group Reads - May 8, 2024
Bingham Group Reads
Presented by:
4.17.24 // Bingham Group celebrates 7 years in business!
May 8, 2024
Today's BG Reads include:
🟣 City of Austin could revisit its long-term housing goals (KXAN)
🟣 Austin Police say they haven't found source of opioids linked to overdose surge (KUT)
🟣 Texas ban on ‘woke’ banks opens door for smaller firms (Wall Street Journal)
Read On!
[BINGHAM GROUP]
The first and second memos are reviews of Mr. Broadnax's time as city manager of Dallas and Tacoma, respectively. The information was pulled from news articles from the time. We've provided links where appropriate.
The last is a review of the seven city of Dallas budget's Mr. Broadnax spearheaded. This was compiled through review of publicly available budget documents.
BG Memo Link - Contact me for general questions or comments. If there are specific business/policy concerns, we’re happy to schedule time to consult -> [email protected].
On this episode we welcome back Jack Craver, independent reporter and founder of The Austin Politics Newsletter. Jack and Bingham Group CEO A.J. Bingham discuss the candidate field for the 2024 Austin Mayoral elections, including incumbent Mayor Kirk Watson.
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[AUSTIN METRO NEWS]
City of Austin could revisit its long-term housing goals (KXAN)
The City of Austin could take another swing at its long-term comprehensive housing goals. The Housing Department applied for a $10 million federal grant to do it.
“An update to the blueprint is going to take a couple years so the housing department is already looking right now at how we can make sure that five years down the road we have an update ready to go,” said Austin City Council Member Ryan Alter.
In 2017, Austin City Council set forward lofty housing goals, called the Strategic Housing Blueprint. It was created to work alongside the Imagine Austin Comprehensive Plan.
“It measures every single district in terms of how much housing has each district produced in relation to how much the scorecard says it should. It also breaks down by income level,” Alter said. “And unfortunately we’re not doing very well on pretty much any of these metrics.”… (LINK TO FULL STORY)
Nate Paul is Travis County's most delinquent taxpayer — again (Austin Business Journal)
Embattled real estate investor Nate Paul topped the list of delinquent taxpayers in Travis County for the third straight year with more than $3 million owed in 2023, according to the county's tax office.
The news comes less than a month after two entities tied to World Class Holdings, which Paul is the CEO of, declared Chapter 11 bankruptcy in April, in part due to unpaid taxes. Travis County’s announcement on May 6 included a list of the 10 delinquent property owners that owed the most in taxes, and World Class entities had the unenviable distinction of taking up three of the 10 spots.
By not paying its taxes, World Class has placed eight properties tied to the three entities at risk, the latest in a long line of setbacks including bankruptcies, foreclosures, lawsuits and criminal charges for Paul and World Class dating back to a 2019 FBI raid of the World Class offices.
“I’ve sent letters and made phone calls hoping to collect the payment in full or work out a payment plan for those struggling to pay, and the property owners on this list are avoiding me,” Tax Assessor-Collector Bruce Elfant stated. “Why take the risk of losing your property because of unpaid taxes?”… (LINK TO FULL STORY)
Austin Police say they haven't found source of opioids linked to overdose surge (KUT)
The Austin Police Department announced a handful of drug arrests Monday, but police still haven't found the source of fentanyl related to a spate of overdoses that occurred last week.
In a statement Monday, the department said it had made five arrests in connection with fentanyl-laced crack cocaine, suggesting the suspects were connected to the overdoses last week.
Lt. Patrick Eastlick addressed that potential connection Tuesday, saying the arrests were part of an ongoing investigation, but not immediately connected to last week's overdoses.
"The individuals arrested during these investigations are not linked as of right now to any of the overdose victims," he said. "And the purpose of these operations was to try to identify dealers responsible and the sources of the narcotics which caused the overdoses.”… (LINK TO FULL STORY)
ACL Music Festival releases lineup for 2024 (FOX 7)
Austin airport officials announce security checkpoint changes (Community Impact)
The lineup is out for the Austin City Limits Music Festival and Dua Lipa, Tyler, The Creator, Chris Stapleton, blink-182, Sturgill Simpson, and Pretty Lights will be headlining the event.
ACL Fest will also feature performances from Khruangbin, Leon Bridges, Carin León, Norah Jones, Reneé Rapp, Foster The People, Kehlani (W1), Teddy Swims, Benson Boone, CAAMP, Dominic Fike, The Marías, Jungle, Dom Dolla, Chappell Roan, Porter Robinson (W1), Fletcher (W1), Something Corporate (W1), David Shaw, and more… (LINK TO FULL STORY)
[TEXAS NEWS]
Outside interests pour millions of dollars into GOP primary featuring Texas House speaker (Dallas Morning News)
This year’s most expensive race for a seat in the Texas House is the heated primary between House Speaker Dade Phelan and newcomer David Covey, with at least $4 million already spent. No other race comes close, according to a review of campaign finance records, and with the contest heading to a May 28 runoff, the price tag is expected to jump significantly. Most of that money has poured in from sources outside District 21 in Southeast Texas, providing 96% of the donations to Phelan’s campaign and almost 99% of Covey’s. Out-of-state groups have pitched in as well, including Club for Growth, a national anti-tax organization that has spent more than $1 million on anti-Phelan TV ads, including one depicting the speaker as a liberal “Democrat in disguise.”
It all adds up to unusually high fundraising totals for a Texas House primary – largesse that highlights the importance of the Phelan-Covey race as the Republican Party’s right flank seeks greater control over legislation and policy. Phelan, R-Beaumont, has been blamed for difficulties some conservative priorities have faced in the House, particularly those favored by Lt. Gov. Dan Patrick, who presides over the Senate. Last year’s House vote to impeach Attorney General Ken Paxton put another target on Phelan’s back. Former President Donald Trump, who has strong ties to Patrick and Paxton, endorsed Covey, while Gov. Greg Abbott has remained neutral. Phelan has countered by emphasizing his deep ties to the district, where Phelan Boulevard is a major artery in Beaumont.
“I’ve identified my voters,” Phelan told “Capital Tonight” on Spectrum News in March. “I’ve got strong support back home, despite $5 million that we know of that was spent against me, despite endorsements from all over the country against me.” Phelan will have to mount a comeback in the runoff to remain in office. Covey received 46% of the vote to Phelan’s 43% in the March primary. Alicia Davis, who raised little money and did not campaign aggressively, got 10%... (LINK TO FULL STORY)
Texas ban on ‘woke’ banks opens door for smaller firms (Wall Street Journal)
The political conflict over socially conscious finance is a boon for smaller investment banks in one contentious market: Texas. The clash over environmental, social and corporate-governance investing follows state restrictions passed in 2021 on government business with financial firms perceived as taking a stand against firearms or fossil fuels. Wall Street heavyweights such as Bank of America and Wells Fargo have pulled back in Texas, even as the state’s growth has made it the nation’s top issuer of state and local debt, with $42 billion last year.
Even beyond Texas, big banks are in retreat in the $4 trillion municipal-bond market. Higher rates and depressed borrowing have dented profits, which weren’t that spectacular to begin with. Large firms are pulling back at varying rates as a result.
Citigroup’s recent restructuring axed the muni desk entirely. Long the biggest underwriter in Texas, Citi was locked out of most deals in the state over its policy of not doing business with retailers who sell guns to people under 21. State Attorney General Ken Paxton banned Barclays in January after identifying the firm as a potential “fossil fuel boycotter.”
That is creating opportunity for firms that have managed to avoid the ire of Texas officials. Booming business in Texas helped land New York City-based Jefferies among the nation’s top three muni underwriters for the first time last year. Also benefiting are fast-growing smaller firms such as Memphis-based FHN Financial, the investment-banking arm of First Horizon Bank, which has historically focused on Texas local school bonds. Texas was the highest-grossing region for municipal bonds last year at Siebert Williams Shank, said president of infrastructure and public finance Gary Hall. The New York firm now has offices in Austin, Houston, Dallas and San Antonio… (LINK TO FULL STORY)
[2024 Austin City Council Race Watch]
This fall will see elections for the following Council Districts 2, 4, 6, 7, 10, and Mayor.
Declared candidates so far are:
Mayor
District 2
District 4
Jade Lovera
d
District 6
District 7 (Open seat)
District 10 (Open seat)
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