What happens when local and state governments hand out cash to business to spur development? Mitchell Schnurman in the Star-Telegram notes that Cabela’s — the sporting goods retail equivalent of Disneyland — received $42 million in incentives to build in north Fort Worth.
So far, it hasn’t come close to earning its keep. It has had to repay the state $70,000, and has missed almost $300,000 in state and local incentives tied to job growth. Schnurman’s advice, which we would be well to keep in mind given that our elected officials seem to throw development money around like beads at a Mardi Gras parade?
"The warning to heed from Cabela’s — and all economic-development projects — is beware of the hype."
