#NEWS // BG Reads | November 15, 2022
[AUSTIN METRO]
Builder: Without new affordability bonds, projects would be ‘few and far between’ (Austin Monitor)
The new round of bonds providing $350 million to fund affordable projects couldn’t have come at a better time for developers of affordable housing in Austin. The combination of fierce land costs locally, inflation increasing construction costs on all housing projects by around 14 percent and interest rate increases making borrowing more expensive has made it tougher than ever for affordable projects to “pencil out” as financially viable, said Nick Walsh, an executive at Cleveland-based NRP Group. (LINK TO FULL STORY)
Austin Energy rate case participants band together behind alternative proposal (Austin Monitor)
The race for City Council’s blessing on 2023 electric rates is heating up, as parties in the Austin Energy base rate review case announced their own counter-settlement?to the utility’s proposed rate design… (LINK TO FULL STORY)
Austin’s next record-breaking supertall tower announced at Fifth and Trinity (TOWERS)
Austin-based real estate development firm Wilson Capital announced this morning that its redevelopment of the Avenue Lofts site will be significantly larger than previously reported. The multifamily residential building planned for the 0.8-acre property at 410 East Fifth Street, now known as Wilson Tower, is set to rise 80 floors to a total height of 1,035 feet — and yes, that would make the project the new tallest tower in Texas upon completion, exceeding the height of the Waterline supertall project currently under construction a few blocks away by 13 feet… (LINK TO FULL STORY)
Nate Paul breaks media silence after courthouse appearance (Austin Business Journal)
World Class Holdings CEO Nate Paul is an elusive man to pin down.
So when the embattled Austin real estate investor appeared at the Heman Marion Sweatt Travis County Courthouse on Nov. 9 for a hearing in a long-running legal feud with the Mitte Foundation, Austin Business Journal was there to follow the proceedings — and to catch up with Paul.
World Class and the Roy F. and Joann Cole Mitte Foundation, a philanthropic organization, formed a pair of limited partnerships in 2012 to invest in downtown real estate, but have been sparring in court since at least December 2018, when Mitte filed a lawsuit over access to financial records. The dispute was one of the first major public rifts for World Class — property owned by the partnership was nearly foreclosed on back in May 2019… (LINK TO FULL STORY)
[TEXAS]
Texas lawmakers target property taxes, election fraud and transgender people in new legislation ahead of 2023 session (Texas Tribune)
Texas lawmakers won’t gavel in for the new legislative session until January, but they got their first chance to file bills Monday.
By 1 p.m., Texas legislators filed more than 800 bills pertaining to an array of matters. Thousands of pieces of legislation are filed each session, but most never make it into law. The first day of bill filing, though, can shed light on legislators’ priorities and what battles could be shaping up in Austin next year. Republicans continue to hold both chambers — and narrowly expanded their control of the Legislature.
When the 88th legislative session convenes, the state is expected to have an unprecedented amount of funds at its disposal. The state comptroller forecast that there will be at least an extra $27 billion in the two-year budget compared with the last regular legislative session. Lawmakers will also see an increase in their savings account, also known as the rainy day fund… (LINK TO FULL STORY)
Governor’s office announces $353M for public safety, crime prevention, victims services and more (Community Impact)
Organizations across Texas will have access to at least $353.3 million for a variety of public safety initiatives as soon as Sept. 1, 2023.
On Nov. 10, Gov. Greg Abbott announced a collection of grants that are meant to support public safety programs and services. In a news release, he said the funds will be available during fiscal year 2023-24, which begins Sept. 1. Texas is in FY 2022-23.
The Governor’s Public Safety Office will administer the grants with the help of local and state agencies, according to the release. These include Texas’ 24 Councils of Governments and the Urban Area Working Groups in Dallas-Fort Worth, Houston and San Antonio…(LINK TO FULL STORY)
Will Texas Republicans quit Donald Trump? (Dallas Morning News)
There are times when a relationship, no matter how good it’s been, has to end. It’s a staple of the blues–realizing that it’s over, but reluctant to let go. It’s outlined in the blues standard “I can’t quit you baby,” a simmering song about holding on to a dying love. I prefer Little Milton’s version. Some political relationships don’t last either, and there comes a time to walk away. On Tuesday Donald Trump is expected to announce another run for the White House, which could leave some Republicans across the country pondering whether to leave Trump for someone else–like Florida Gov. Mike DeSantis, a Republican who is frequently mentioned as a 2024 contender for the GOP presidential nomination… (LINK TO FULL STORY)
Almost 60% of Houston households can’t afford to buy a home here, report finds (Houston Chronicle)
The pandemic took Houston’s housing market to new heights as home prices soared to record levels earlier this year. Now that the dust is settling with the real estate boom behind us, the pace of home price appreciation is slowing down considerably – but not fast enough to make purchasing a home affordable for most Houstonians. Only about 41 percent of households in the Houston area earned the minimum annual income needed to purchase a median-priced $349,500 home in the third quarter, according to a new report from Houston Association of Realtors… (LINK TO FULL STORY)
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[NATION]
Donald Trump Set to Announce 2024 Presidential Bid (Wall Street Journal)
Donald Trump is poised to launch a third consecutive White House bid, aiming to reaffirm his position as the Republican standard-bearer despite disappointing midterm election results that have led some party leaders to suggest the polarizing former president step aside.
Mr. Trump, who has set a 9 p.m. Tuesday announcement from his Mar-a-Lago estate, has fired back in recent days at intraparty critics and potential rivals for the nomination, primarily Florida Gov. Ron DeSantis, whose overwhelming re-election win Tuesday confirmed his standing as the leading current alternative to Mr. Trump.
Despite signs of dissatisfaction with Mr. Trump, he enjoys broad grass-roots support, has tens of millions in campaign cash and a history of steamrolling competitors. He has reshaped the GOP demographically, attracting more working-class voters, and has fundamentally shifted the party’s policy approaches on trade, China, immigration and other issues… (LINK TO FULL STORY)
Kevin McCarthy faces early loyalty test in his bid for GOP speaker (NPR)
Control of the U.S. House remains in question, but Republicans plan to move ahead today with leadership elections for the next Congress. Minority Leader Kevin McCarthy, R-Calif, faces an early and critical loyalty test in his bid to be speaker of what is likely to be a single digit GOP majority.
His success rests on keeping rank-and-file Republicans almost completely unified behind him and already there are signs of trouble, as a handful of right wing lawmakers say they will not support him for speaker. "I have spoken with many Republicans in Congress and many who will join our ranks soon. None are actually inspired by Kevin McCarthy," Rep. Matt Gaetz, R-Fla., said on his podcast last week… (LINK TO FULL STORY)
[HEARINGS AND MEETINGS]
Today, November 14
Tuesday, November 15
Wednesday, November 16
[BG PODCAST]
Bingham Group Associate Hannah Garcia and CEO A.J. recap and discuss the 2022 Austin City Council election night results.
Today's episode (169) features Larry Smith, Chairman of Austin-based Tokyo Electron US Holdings Inc.
Part of an ongoing series on the CHIPS and Science Act passed in August, Larry and Bingham Group CEO A.J. discuss its impact on the Austin and Central Texas.
The bipartisan bill includes more than $50 billion in incentives for manufacturers of semiconductors, or chips, to build domestic semiconductor plants.
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