The government’s pay-to-play practice involves offering incentive packages to companies or developers in order to encourage major project development within a specific town. Goldenrod Cos. has recently entered into this type of agreement with the City of Fort Worth.
Under the proposed program, Fort Worth will provide incentives for two projects by Goldenrod Cos., totaling $400 million in mixed-use development. The Dallas Business Journal reports that these incentives amount to $30 million over a 15-year period. In exchange, Goldenrod will commit to spending at least $300 million on construction costs and allocating 15% of those costs towards minority, disadvantaged, and women-owned businesses.
Goldenrod’s plans include two projects spanning 195,000 square feet: Van Zandt on West 7th Street featuring office space, retail space and multifamily units; and One University on Morton Street including office space, retail space,multifamily units,and an Autograph Hotel with 175 rooms.
This post highlights Ft.Worth’s efforts in providing incentives for these two mixed-use developments without mentioning any specific organizations involved.
