Not a Typo: To Lure Amazon, DFW Airport Had a Plan to Offer Nearly $23 Billion Over 99 Years
DFW International Airport submitted a pair of bids to Amazon for its second headquarters—working in one case with the cities of Irving and Euless and in the other with Grapevine—that would have each topped $20 billion in tax breaks over the next century.
At more than double the highest incentive offer revealed since Amazon made its choices last month, the attempts set a new standard for the lengths cities were willing to go in an effort to snag the $5 billion capital investment and 50,000 well-paid employees. The airport provided us its bid documents in response to an open records request.
Under the respective deals, airport-controlled land would’ve been leased to Amazon over 99 years, meaning the tax incentive would’ve spanned about two and a half times the longest tax abatement period ever, according to Good Jobs First, which tracks subsidies. A Dell plant in Tennessee, the previous leader, is about halfway through its 40-year abatement.
“Offering a 99-year incentive is madness,” says Nate Jensen, a professor of government at the University of Texas in Austin who specializes in the area.
Read more: https://www.dmagazine.com/frontburner/2018/12/not-a-typo-to-lure-amazon-dfw-airport-had-a-plan-to-offer-nearly-23-billion-over-99-years/
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