Post by pavel on Apr 19, 2016 6:13:15 GMT -6
Years Later, Benefits from State Subsidy to Chevron Hard to Find
In July of 2013, Gov. Rick Perry announced that he had closed another deal. Chevron would build a 50-story tower in downtown Houston next to its one of its existing office buildings. The $662 million capital investment was slated to create 1,752 high-paying jobs.
"The state is providing $12 million through the Texas Enterprise Fund to close the deal on this expansion and job creation," Perry said in a press release at the time.
A Chevron executive added: “our new office building underscores Chevron’s long-term commitment to Houston and Texas.”
Nearly three years later, 1600 Louisiana Street, where the 1.7 million square foot building was supposed to rise in the Houston skyline, remains a grassy lot. The company, it turns out, was not actually required to build its new tower in exchange for drawing state funds.
Read more: www.texastribune.org/2016/04/19/years-later-Chevron-subsidy-tower/
In July of 2013, Gov. Rick Perry announced that he had closed another deal. Chevron would build a 50-story tower in downtown Houston next to its one of its existing office buildings. The $662 million capital investment was slated to create 1,752 high-paying jobs.
"The state is providing $12 million through the Texas Enterprise Fund to close the deal on this expansion and job creation," Perry said in a press release at the time.
A Chevron executive added: “our new office building underscores Chevron’s long-term commitment to Houston and Texas.”
Nearly three years later, 1600 Louisiana Street, where the 1.7 million square foot building was supposed to rise in the Houston skyline, remains a grassy lot. The company, it turns out, was not actually required to build its new tower in exchange for drawing state funds.
Read more: www.texastribune.org/2016/04/19/years-later-Chevron-subsidy-tower/