Report released 3/28/2022
The South Central Waterfront Tax Giveaway:
The Uber-Rich Who Win,
The Taxpayers Who Lose
What Do Billion-Dollar Trusts, Giant Real Estate Investment Firms, Austin’s Largest Political Donors, and the Scandal-Ridden Nate Paul Have in Common? They all want the Austin City Council to give them $278 million of our property taxes to subsidize their $8 billion, super-luxurious South Central Waterfront development on Lady Bird Lake Shore. We wish them well but believe there are far more pressing needs for our hard-earned tax dollars beyond subsidizing their private development.
These uber-rich South Central Waterfront (SCWF) property owners include:
The SCWF consists of some of the most valuable property in Austin, with 118 acres on the South shore of Lady Bird Lake adjacent to downtown. These developers plan to build at the SCWF Austin’s “Second Downtown,” with 6.2 million additional square feet of luxury condominium towers, high-end skyscrapers, and lavish hotels. All the SCWF properties are currently valued on the tax rolls at $824 million; when completed, this massive, private development is projected to be worth at least $8.5 billion. These developers will reap billions of dollars in profits.
The SCWF investors contend the SCWF is “not financially viable” for them without massive city property tax subsidies. City staff has recommended at least $278 million in property taxes over a number of years be diverted from general revenue to the SCWF’s infrastructure. If that happens this revenue won’t be available for the things regular Austinites need and enjoy, like libraries, parks, flood mitigation, and sidewalks.
Read the facts (and our comprehensive sources) about the four SCWF uber-rich property owners who want $278 million from Austin property taxpayers.
Click here to download the full report.