FROM CARS TO COWBOYS
|You know you’re in for a long day when the best words to sum it up come from Will Rogers. Jackson Walker partner Susan Halsey channeled the satirist at the Tarrant County Commercial Real Estate Forecast yesterday at the FW Convention Center: “Last year, we said ‘things can’t go on like this.’ And they didn’t; they got worse.”|
Texas Capital Bank prez Jeff Moten with moderator Susan, who says there are many 2011 expectations when the 81st state legislature convenes, but they’ll focus on the budget. In fact, they’ll be budget-obsessed, looking for revenue. Why? The financial gurus predict Texas will face a financial shortfall with sales tax revenues down nearly $700M; natural gas taxes down $420M; and the revised franchise tax down $111M.
So, what’s the big deal with state shortfalls? Susan says it's the need for state financing for transportation infrastructure. If you’ve driven on I-35, you know the state needs to ease traffic congestion. The clogged roadways cause lost productivity and hurt the area when competing for new business, she adds. The answer? Vote.
We snapped part of the 14-block Convention Center after the event. The CC underwent a $75M renovation and expansion in 2003. Just across the street is the 33 -story $225M Omni Fort Worth Hotel, which opened in January 2009. Speaking of: Dan Piotrowski was promoted to the hotel’s GM earlier this week.