Chevron 50 story Tower Could be Vetoed ? (Houston, Howe: move, to relocate, friendly)

[hbcu]

again, they're trying to turn the inner loop into a yuppie playground with overpriced homes, no character, etc.

[Redlionjr]

Originally Posted by pooker

I think there is a bigger picture to look at other than money and downtown development. Property taxes, quality of people, and the investment that a company like Chevron makes into the community are all incentives to fork out the money.

I can agree with this here.

[TexasTallest]

Do you really think a 12 million dollar incentive is going to prevent a multi billion dollar company from building a new tower on a plot of land they already had existing plans of developing? Sure it's an "incentive", but 12 mil is a drop in the bucket compared to the $300 million tower, much less the billions chevron makes annually.

[TexasTallest]

looks like the Tax abatement for the Chevron tower passed..

Houston City Council passes downtown tax abatement for Chevron - Houston Business Journal

[HtownLove]

Duh. Houston knows how its bread is buttered. Why would theynot pass it?

[PedroMartinez]

Originally Posted by TexasTallest

Do you really think a 12 million dollar incentive is going to prevent a multi billion dollar company from building a new tower on a plot of land they already had existing plans of developing? Sure it's an "incentive", but 12 mil is a drop in the bucket compared to the $300 million tower, much less the billions chevron makes annually.

$12 million is also a drop in the bucket if you look at Texas' budget of $175 billion.

If the value of the tower is $300 million per year, and let's just say for arguments sake that the tax rate in downtown totals 2.75%, that means each year Chevron would be paying $8.25 million in property taxes. Let's say they have 1,700 workers in that building that pay $5,000 in local taxes each year, that's an additional $8.5 million in local taxes. So, if it is built, locally we could possibly expect around $16.75 million in tax revenue, but it might cost $12 million for the state and $2.7 million from the city - totaling $14.7.

I sounds to me that the investment would be worth it.

[ethanw]

Chevron will be just fine

[PedroMartinez]

Originally Posted by ethanw

Chevron will be just fine

Agreed, but it also makes Houston stronger.

My guess is that Detroit would give its left ____ to get Chevron to build a 50 story tower and employee 1700 people.

[ethanw]

5000 people. San Ramon is closing doors shortly

Originally Posted by PedroMartinez

Agreed, but it also makes Houston stronger.

My guess is that Detroit would give its left ____ to get Chevron to build a 50 story tower and employee 1700 people.

[binkyman]

Originally Posted by PedroMartinez

$12 million is also a drop in the bucket if you look at Texas' budget of $175 billion.

If the value of the tower is $300 million per year, and let's just say for arguments sake that the tax rate in downtown totals 2.75%, that means each year Chevron would be paying $8.25 million in property taxes. Let's say they have 1,700 workers in that building that pay $5,000 in local taxes each year, that's an additional $8.5 million in local taxes. So, if it is built, locally we could possibly expect around $16.75 million in tax revenue, but it might cost $12 million for the state and $2.7 million from the city - totaling $14.7.

I sounds to me that the investment would be worth it.

Pedro? How would you get a company to relocate without offering them any incentives?