Let’s see now.
First and foremost, Houston has the financial black hole known as Metro Light Rail, which will continue to require enormous subsidies for decades to come.
But Houston also has the $100 million Bayport Cruise Ship Terminal, which has never docked a cruise ship since its completion in 2008.
Or the Harris County Sports Authority’s problems servicing the junk debt it issued in connection with financing the construction of Houston’s Reliant Stadium for the NFL Texans?
And don’t forget the City of Houston’s decision to build a downtown convention center hotel that is almost certainly a huge money-loser, as well as the City’s ill-advised financing of several smaller downtown hotel projects and Metro’s dubious real estate development deals.
Which brings us to the most recent boondoggle — the local governments’ decision to throw about $50 million or so into the construction of a minor-league soccer stadium.
With that track record, I guess I shouldn’t be surprised with anything that local politicians might cook up as the next urban boondoggle.
But really. Financing of grocery stores?