There is an item on the Tuesday, February 4, 2020 city council agenda that would formalize an agreement between the company buying the electric company and the city.
In it the new company agrees to pay $100 million dollars at the rate of $5 million per year for 20 years to the city for economic development.
They also agree to pay $750 thousand a year for 10 years directly into the city’s general fund.
According to documents filed with the Texas public utilities commission the new electric company will not be able to recover the $100 million dollars through their electric rates.
How can that be?
If somehow the electric company can pay this without a rate increase, wouldn’t we rather have a rate decrease instead of giving the money to the city?
This is a tax.
We deserve better
And of course that is the reason, cause for NO jobs, NO economy, NO business development, NO progress, HIGH taxes and corrupt POLITICIANS, Public Officials in El Taxo. Why would ANY large, International, Domestic business want to locate HERE? It cost too much MONEY for the pay offs, kick backs, extortion, side “Deals” for ANY of them to build, hire, locate HERE. Why would ANY business come to El Taxo and subject workers, to this remote location, with no where to go, nothing to do and HIGH cost of living and TAXES, TAXES, TAXES?? If it were not for Ft Bliss, the Military and 1000’s of FEDERAL employees, El Taxo would be nothing but blowing sand and tumble weeds. It’s a Democrat-run town with nothing going for it. Well there are two malls, a ball park, couple theatres. Like everything else THEY do to US, this electric company is a bad scam for El Pasoans, the PEOPLE. Electric Rate INCREASES and more TAXES. If the company had any business sense, they would turn around and RUN.
Again, you totally ignore the point of the Blog post to go off on your rant, and persist in your ignorance about who runs El Paso. As so many used to say (and your like have said to me) if you hate it here so much, why are you still here?
Regarding the Blog Post this morning, I agree that it would be much better for the taxpayers to get a rebate on our taxes than for any business to give over so much money directly to the coffers of those greedy folks who can’t stop spending.
I don’t understand why the city is even involved in this. EPE is a private company. I pay my bill to EPE, not to the city.
It’s called a bribe to get the city to agree to the transfer, which is required so the “investment firm” can assume control of EPE. Ask former council member Steve Ortega, who is the lobbyist for the firm that will take over.
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If they’d actually spend it recruiting large employers that would be good, but the reality is they’ll probably continue to blow it on whatever businesses Foster, Hunt and Mexico’s wealthy want to invest in as part of the current tourism fantasy.
So EPE becomes a poker chip in some hedge fund run by an MBA out east?
El Paso’s failed economic development efforts have been headed by Hunt, Margo and a small club with the usual suspects for more than 20 years. The name of the club has changed over the years from Redco to PDNG and now Borderplex Alliance, but the results never change. The city has now handed its own economic development department to Hunt and Foster and we’re paying for that city department to office in one of Foster’s building.
As far as I know the Borderplex economic development strategy is regional in scope, It looks like it’s working out in Santa Teresa.
A legal bribe facilitated by a former city council rep who is partly to blame for the ballpark and the city’s massive debt.
Would this be a good opportunity for those solar power proponents, to push for a better deal for solar installations in El Paso?
Many deal doubters project local electric rate payers, to be the ones who over time will get screwed on this deal.
If solar proponents have not negotiated a better deal, it’s too late. Residential rate payers are always the ones who get screwed.