Bye Bye Borders Austin

[opalminor]

Maybe now all the small, local independent bookstores will come back...? For all those quaint oddballs who still like to read actual books made out of paper (like myself). One can only hope.

[verybadgnome]

Originally Posted by Austin97

The incentives are almost always tax rebates. So if the company goes under they wouldnt have gotten the rebates anyway.

Don't know about the particularities of this particular package but quite often there is a reduced or no property tax period beginning as the time of the store's opening. If that were the case here they would have reaped benefits from 2002 to 2011 which would be a lot of lost tax revenue. And it isn't always just property taxes. Here is part of what the Domain got:

"The developer keeps 80 percent of the city's sales tax for the first five years and 50 percent for the next 15 years."

Most corporations do not think that far ahead and will not wait 10 or more years for incentives.

[Austin97]

Originally Posted by verybadgnome

Don't know about the particularities of this particular package but quite often there is a reduced or no property tax period beginning as the time of the store's opening. If that were the case here they would have reaped benefits from 2002 to 2011 which would be a lot of lost tax revenue. And it isn't always just property taxes. Here is part of what the Domain got:

"The developer keeps 80 percent of the city's sales tax for the first five years and 50 percent for the next 15 years."

Most corporations do not think that far ahead and will not wait 10 or more years for incentives.

That is exactly my point. The city doesnt pay any money out as the original poster implied. Instead they reduce the amount of tax they collect. In many cases it is zero (domain doesnt get built) vs. the city getting less than than the standard rate.