Elon Musk's Tesla Sidesteps Austin In A Bold Move To De-Annex 2,100 Acres Under Controversial Texas Senate Bill [Yahoo! Finance]
Tesla, Inc. (TSLA)
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Source: Yahoo! Finance
The move allows the company to sidestep certain development approvals and city taxes, according to the Austin Business Journal. The electric vehicle manufacturer's decision follows a revised petition that aligned with the state law effective Sept. 1, leaving the city of Austin with no authority to contest the action. Senate Bill 2038, pivotal in rural and fringe urban areas, grants landowners the ability to withdraw from a city's extraterritorial jurisdiction. This can significantly impact how cities manage environmental and floodplain regulations. "Extraterritorial jurisdictions matter in part because they allow cities to enforce environmental and flooding standards," Austin spokesperson Shelley Parks said. Don't Miss: Investing in real estate just got a whole lot simpler. This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $100. In 2020, Tesla CEO Elon Musk envisioned an "ecological paradise" on this tract of land, pr
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