View this email in your browser

Was this email forwarded to you? Click Here to Sign Up!

September 21, 2023

In today's BG Reads:

📺 Today @10AM: Austin City Council Regular Meeting (9.21.2023 Agenda)

🚆 Austin Transit Partnership board passes $190M spending plan for FY24

🤠 AG Ken Paxton floats Cornyn challenge in post-impeachment interview

💰 The Federal Reserve holds interest rates steady but hints at more action this year

🎙️ TWO BG Podcasts today (Eps. 217 and 218) focus on economic development

Read on!

[BINGHAM GROUP]

🆕   BG Podcast Ep. 217

• On this episode Bingham Group CEO A.J. Bingham welcomes Larry Holt, our newest consultant to the show. Larry has deep experience in Texas municipal and state economic development, and will assist in developing Bingham Group's practice in this area.

🆕   BG Podcast Ep. 218

• On this episode Bingham Group CEO A.J. Bingham and firm Economic Development Consultant Larry Holt discuss NXP Semiconductor's incentive proposal before the city of Austin.

➡️ Check out our red lined City of Austin org chart.  The changes reflect the many changes in city leadership since February 2023.

➡️ You can view those here: BG Blog: Tracking City of Austin Leadership Changes (Updated September 1, 2023).

[AUSTIN METRO NEWS]

Austin Transit Partnership board passes $190M spending plan for FY24 (Austin American-Statesman)

The Austin Transit Partnership, the governmental entity tasked with building Austin's new transformational light rail system, approved a $190 million spending plan for fiscal year 2024.

Funds in the spending plan, approved unanimously by ATP's board of directors Wednesday, are broken into three buckets: $115 million for light rail, $23 million for Capital Metro projects, and $52 million for anti-displacement efforts.

The bulk of ATP's revenue comes from Proposition A, which raised the ad valorem property tax rate by 8.75 cents — a nearly 20% increase to the city's ad valorem property tax rate. The voter-approved proposal won by a wide margin, more than 15 points, in November 2020.

The $115 million for light rail includes funds for contracts to continue the ongoing environmental analysis, conceptual engineering, and program management support. A portion, $11 million, will go toward laying the groundwork for future real estate and right-of-way expropriations, though ATP does not expect to seize property in 2024.

"Our objective is to minimize right-of-way and property impacts," Greg Canally, ATP's executive director, said during the Wednesday meeting… (LINK TO FULL STORY)

And in other Austin Metro News:

➡️ Council weighs affordable housing goals as it restarts HealthSouth redevelopment process (Austin Monitor) -> LINK TO FULL STORY

➡️ Austin council members briefed on ongoing homeless crisis -> LINK TO FULL STORY

➡️ Louis Shanks closing after 80 years in business (Austin Business Journal) -> LINK TO FULL STORY

[TEXAS NEWS]

Ken Paxton blasts fellow Republicans and floats Cornyn challenge in post-impeachment interview (Texas Tribune)

Republican Attorney General Ken Paxton on Wednesday alleged without evidence that the Biden administration, working in cahoots with certain Texas Republicans, was behind the failed attempt to impeach him on charges of bribery and corruption.

In his first remarks since being acquitted by the Texas Senate on Saturday on 16 articles of impeachment, Paxton blasted fellow conservatives who he believes betrayed him and the party, including House Speaker Dade Phelan, former George W. Bush adviser Karl Rove, U.S. Sen. John Cornyn and the all-Republican Court of Criminal Appeals.

Paxton excoriated Cornyn as a poor representative for Texans and said a strong candidate needs to challenge him in 2026 — adding that he may be the man to do so.“Everything’s on the table for me,” he said when Carlson suggested he should run. Paxton was particularly critical of what he said was Cornyn’s failure to protect Texas from undocumented immigrants.

“I can’t think of a single thing he’s accomplished for our state or even for the country, let alone the fact that we have a massive invasion into our state and he doesn’t speak out against it,” Paxton said. “I’ve never seen him propose legislation that significantly affects it.” Cornyn did not immediately respond to a request for comment… (LINK TO FULL STORY)

And in other Texas News:

➡️ A growing number of Texas school districts are suing the TEA. Here's why. (WFAA) -> LINK TO FULL STORY

➡️ Eagle Pass issues disaster declaration as more than 4,000 migrants cross over two days (Texas Public Radio) -> LINK TO FULL STORY

[NATIONAL/WORLD NEWS]

The Federal Reserve holds interest rates steady but hints at more action this year (NPR)

The Federal Reserve left interest rates unchanged Wednesday, but signaled that it's open to an additional rate hike, if necessary, to combat stubborn inflation.

"We have come very far very fast in the rate increases that we've made," Fed chairman Jerome Powell told reporters. "I think it was important at the beginning that we move quickly and we did. As we get closer to the rate that we think — the stance of monetary policy that we think — is appropriate to bring inflation down to 2% over time, the risks become more two-sided."

The central bank has already raised rates 11 times in the last 18 months, most recently in July. That's the most aggressive series of rate hikes since the early 1980s, and leaves the Fed's benchmark borrowing cost between 5.25 and 5.5%… (LINK TO FULL STORY)

Senate confirms Brown to lead Joint Chiefs, blowing past Tuberville’s blockade (Politico)

The Senate overwhelmingly approved Air Force Gen. C.Q. Brown to be the military’s top officer Wednesday night, though a months-long blockade by Sen. Tommy Tuberville is still leaving over 300 senior officers in limbo.

The 83-11 vote to confirm Brown as Joint Chiefs chair was a surprise development amid the Alabama Republican’s promotions hold… (LINK TO FULL STORY)

OTHER NEWS:

➡️ Behind all the speechmaking at the UN lies a basic, unspoken question: Is the world governable? (Associated Press) -> LINK TO FULL STORY

_________________________

🔎 Have questions or in need of lobbying services? Fill out Bingham Group’s Service Interest Questionnaire and let us see how we can help.

SHARE BG READS FEEDBACK HERE

⬇️

Was this email forwarded to you? Click Here to Sign Up!

Copyright (C) " target="_blank">unsubscribe