“So, a private group (Astros) comes to the County and gets tons of public funding to build the Astrodome. But, now, if a private group has a great idea to repurpose the Astrodome, they cannot suggest that it be paid for with any public funds or let the tax payers consider their ideas for use with public funds. Only the great wise elders of the County Commissioners who have sat on their hands for over a decade on this issue can propose a solution for the Astrodome that involves the use of public funds. The ballot measure had better have a ‘none of the above’ option.” [Old School, commenting on Headlines: League City’s Red-Light Cameras Go Dark; ‘Guerrilla Gardeners’ Bombard Midtown with Wildflowers; previously on Swamplot]
Houston Politics’ Mike Morris is reporting that city council will vote today to decide whether it will loan Pearl Real Estate up to $7.4 million toward the $81 million renovation and redevelopment of the 22-story 
A $58 million bond measure to reimburse developer DR Horton for utility and road construction on 400 soon-to-be-developed acres just south of The Woodlands and east of Gosling Rd. is expected to pass in today’s election by a mere 2 votes. The couple expected to account for the winning margin just moved into the area in a trailer they’ve parked in a clearing. And, yeah, they’ll be the only people allowed to vote on the measure. Does this sound like a strange picture in an elective democracy? 
Saddled with a “terrible” location — a lonely strip center on Barker Cypress Rd., halfway between Katy and Cypress, year-old Ranch Bakery is taking to Kickstarter to raise funds to — break its lease? No — start up a food truck, explains owner John Homrighausen. 
The developers of the Ashby Highrise tell Nancy Sarnoff they’ve got funding for the 21-story apartment tower that’ll replace the Maryland Manor Apartments at 1717 Bissonnet. 
For $10.49 plus tax and tip, you could order the Elvis Presley Memorial Combo at one of the 7 Houston-area Chuy’s. Or for $11 to $13, you could buy a share of the restaurant’s stock at its impending IPO (if you can get in, of course). The regional Mexican-restaurant chain, which was bought in 2006 by a New York private-equity firm, grew from 8 locations in 2007 to 32 this year. 
Metro says it’s now laid 6 miles of track for the 3 light-rail lines its working on — the new East End and Southeast Lines and the North Line extension. And construction is now under way on 10 of 24 new stations. All is on track for a 2014 opening date, including $200 million of federal funds for 2 of those lines, approved by a vote in the House of Representatives last Friday. Also approved within the same bill, though: 
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Comment of the Day: The Only Number I Need
“For me, as someone who routinely buys, restores, and holds these types of property for the long term (including a property right across the street from this one that is roughly the same age / type of construction), the only thing that I consider when determining value (and this a pretty standard / typical metric) is CAP rate.
Specifically, I use the CAP rate at current rents and expenses to determine what it is worth today . . . and I calculate a projected CAP rate after renovations to determine what it will be worth with higher rents.
The CAP rate is just a simple calculation for the rate of return on your cash in the deal. If you are simply buying a property and continuing on as is, the CAP rate is the return (from cashflow) on your down payment. If you are planning to upgrade the property the CAP rate is the rate of return on your down payment + carrying and renovation costs . . . based on the new rents.” [Jared M., commenting on The End of Another Almost Afton Oaks Apartment Complex?]