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Wednesday, December 4, 2024

Good morning! On this day in 1928, Carl G. Cromwell drilled the world's deepest oil well on University of Texas land in Reagan County, defying orders to shut down work at the site. At a depth of 8,525 feet, the University 1-B remained the world's deepest oil well until 1931.

If you like going fast, you'll be excited to hear about the latest developments from COTALand, a new amusement park being built next to a racetrack in Austin.

Do you love Texas? So do our 230,000+ readers. Advertise in The Texas Flyover and connect your business with passionate locals. Learn more.

We're flying today with Pacaso. They are offering an investment opportunity you won't want to miss.

Austin's Property Tax Rate Is Nation's Highest

According to a recent report by Redfin, the Austin metropolitan area leads the nation with an effective property tax rate of 1.8%. San Antonio, Houston, and Fort Worth are close behind, each with effective property tax rates of 1.7%, while Dallas sits at 1.6%.

Property tax payments in Texas have surged since 2019, with elevated home values driving increases as high as 44.1% in Fort Worth and 43.4% in San Antonio. Property taxes now account for a significant portion of monthly housing costs, making up 20% of the median housing bill in Austin and 19% in San Antonio and Houston, compared to a nationwide average of 8%.

State legislators have taken measures to reduce property taxes in recent years, with some advocating for the complete elimination of property taxes, which, according to estimates, would cost the state $81.5 billion annually.

Billions in Broadband Funding Available

The Texas Broadband Development Office is asking residents for their input to update maps showing which areas of the state have the least access to reliable high-speed internet service.

The data will be used to distribute more than $5 billion in state and federal funds allocated for the expansion of broadband internet service in Texas, which has been hampered by faulty maps and a cumbersome application process for grants.

Last month, the state received federal approval for its plan to use $3.3 billion in allocated funds from the 2021 Infrastructure Investment and Jobs Act.

The state's broadband office was created in 2021 and is administered by the Comptroller's office. To date, it has distributed $12 million for 20 projects across the state, and 24 counties have been selected for a second round of funding.

Enron Returns As Elaborate Joke

Enron, the infamous Houston-based energy company that collapsed in 2001 due to a massive fraud scandal, has been "relaunched" as a satirical parody.

A new website with the company's branding debuted on Monday, the 23rd anniversary of Enron's bankruptcy. The site features a press release announcing its new mission to "solve the global energy crisis" and a promotional video with corporate platitudes about progress and innovation.

The project appears to be the work of Connor Gaydos, who purchased the Enron trademark for $275 in 2020. Gaydos has participated in other parody projects, including the "Birds Aren't Real" conspiracy popularized through social media.

The website explicitly states that it is a "First Amendment protected parody" and for "entertainment purposes only." That doesn't mean visitors can't buy merchandise or sign up for its emails.

Last Chance: Own this "unlisted" stock before its share price changes

When the team that created Zillow and grew it into a $16B real estate leader starts a new company, investors take note. That's why top firms like SoftBank and Maveron already invested in Pacaso.

And you can join them as an investor before their share price changes tomorrow on account of 38% adjusted gross profit growth in their first-half earnings.

Pacaso's streamlined digital marketplace offers fractional ownership of premier properties – completely revamping a $1.3T market.

This co-ownership approach maximizes demand by minimizing costs and worries. Look no further than their 1,500+ happy homeowners across 40 destinations – including the most recent addition, Paris – for proof.

With over $100M in gross profits in four years, they're ready to bring this co-ownership model across the globe (and into your portfolio). But you'll need to invest before tomorrow at midnight PST to secure the current share price.

➤ The Texas Department of Criminal Justice is withholding the identities of five terminally ill inmates whose whereabouts are unknown after they were released under Medically Recommended Intense Supervision (MRIS). (See Details)

➤ Lago Vista: City council members met with the White House to lobby for federal funds to upgrade and expand the city's water infrastructure. With a current population of 13,000, fast-growing Lago Vista could have up to 40,000 residents within a decade. (More)

➤ Amarillo: The Texas Department of Transportation has asked for community input on a feasibility study to extend I-27 from Amarillo to Dumas. In-person meetings are being held today in Dumas and tomorrow in Amarillo. (See Details)

➤ The Grand Prairie ISD board voted to fire Superintendent Jorge Arredondo during a closed session Monday. Arredondo sued the board after he was suspended in September for alleged violations of the district's discrimination, harassment, and retaliation policy. (More)

➤ Odessa: Ongoing efforts to fix a malicious software script discovered on Nov. 21 have prevented residents from paying city bills online and forced the county court system to reschedule dockets and revert to paper filing methods. (More)

➤ Lindale: Firefighter Corey Crowell is retiring after 46 years of service, beginning when he was 16 years old. Crowell was elected to the Smith County Emergency Services District 1 Board last month. (Watch Video)

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➤ The College Football Rankings released last night puts Texas at No. 2 with a projected No. 2 seed in the 12-team bracket to be finalized next week. SMU is ranked No. 11, but with a current projected seed of No. 3 in the playoff. (More)

➤ Houston Texans linebacker Azeez Al-Shaair has been suspended for three games for his late hit on Jacksonville Jaguars quarterback Trevor Lawrence. (More)

➤ Alperen Sengun of the Houston Rockets was named the NBA's Western Conference Player of the Week after averaging 21.3 points with 12.7 rebounds and 9.0 assists since Nov. 25. (More)

➤ Yesterday's results: NBA | NHL | NCAAM | NCAAW

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➤ Elon Musk's Neuralink, which aims to help people with paralysis control devices using their brain activity via implantable chips, is building a $14.7 million facility in Del Valle, just down the road from the Tesla Gigafactory. (More)

➤ The Tyler Economic Development Council purchased 281 acres to create a new business park. "We are getting tremendous interest on this property, and we only closed two hours ago," said EDC president Scott Martinez on Monday. (More)

➤ COTALand, a highly-anticipated amusement park to be constructed on the grounds of the Circuit of the Americas racetrack in Austin, unveiled plans for projects totaling $105 million. The park will reportedly have 27 rides, including the Circuit Breaker, Palindrome, and Sky Blazer. (More)

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➤ Why not get your stocking stuffers from The Flyover this year? Check out CozyCharge, the rechargeable hand warmer that provides 8 hours of warmth whenever you need it. (See It Here)

Former Zillow Execs Target $1.3T Market

Spencer Rascoff co-founded Zillow. Austin Allison sold his company to Zillow for $125M. Now they've teamed up to co-found Pacaso and transform the $1.3T vacation home market.

Pacaso's streamlined digital marketplace is leading the co-ownership revolution, making luxury vacation homes accessible, fully utilized, and hassle-free. And the results speak for themselves: $1B+ in transactions, 1,500+ happy homeowners, and $100M+ in gross profits.

Coldwell Banker says 40% of Americans want to buy a vacation home within the next year. With properties in 40 different markets – including the most recent addition, Paris – Pacaso makes luxury vacation homes accessible worldwide.

Now, for the first time, you can join Pacaso as a shareholder and share in their growth. Add Pacaso to your portfolio before tomorrow's share price change.

This is a paid advertisement for Pacaso's Regulation A offering. Please read the offering circular at invest.pacaso.com.

➤ A man flying over West Texas this past weekend snapped a photo of a rare phenomenon called sundogs, also known as "false suns." These bright spots in the sky form when light refracts through ice crystals. (See Photo)

➤ Texas A&M police were busy on Saturday during the Aggies-Longhorns game. In one incident, two men with clearly fictional names were arrested for trying to get into the game by posing as construction workers. (More)

➤ A group of neighbors in northwest Dallas is raising money to develop a 58-acre greenbelt around Bachmann Lake into a pristine recreational area. Removing privet, an invasive thorny plant, could cost up to $2 million. (More)

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