My Town Fought Wal-Mart – and Wal-Mart Won
Weekend Edition November 21-23, 2014
Billionaire Sports Tycoon Gets
Four years ago, the developer of a proposed Wal-Mart supercenter in Florissant, Mo. (pop. 52,000) appeared before city leaders. For decades Wal-Mart had wanted to open a supercenter in my hometown and on this particular Monday evening a representative from THF Realty – Wal-Mart’s longtime developer of choice – was alternately putting on the poor mouth and subtly threatening city officials. In order to fund the development, a project developer told the city council, THF Realty would require $9 million in tax breaks.
No tax breaks, no Wal-Mart.
In brief, THF wanted a TIF – tax incremental financing, which meant the portion of the development’s property tax revenue that ordinarily would go to local schools, police, libraries and fire departments, instead would remain in the pockets of the developer.
Such threats, coming from multibillionaire developers, are commonplace. They are also effective. Though not as effective as they once were.
THF Realty (the acronym stands for To Have Fun) owns or leases more than 100 shopping centers in 22 states, many anchored by Wal-Mart stores or Sam’s Club. That’s due in part to THF’s chairman – sports and real estate tycoon Stan Kroenke – being married to Wal-Mart heiress Ann Walton. The last time Kroenke was obligated to disclose his ties with Wal-Mart – when he served on Wal-Mart’s board of directors 13 years ago – his company was renting 55 stores to the giant retailer.
Today, Kroenke — the 105th richest American — has an estimated net worth of $5.7 billion. His wife, Ann, is worth an estimated $4.8 billion. Kroenke owns the Denver Nuggets, the Colorado Avalanche, the St. Louis Rams, the Colorado Rapids and, in a sure sign that he is running out of ways to unload his billions, the English soccer club Arsenal.
More:
http://www.counterpunch.org/2014/11/21/my-town-fought-wal-mart-and-wal-mart-won/
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