How the Rich Pay NO Taxes

Remember Michael White? He was the money man behind the Windsor Mall project that funded Gary Cain's purchase of the mall properties which he and WEDC then sold to Rackspace..

Sources tell me, Windcrest officials made a side deal with Michael White to entice him to fund the 30 million dollars needed to purchase the property.

In exchange for fronting the money Michael White wanted his other properties deeded to WEDC to avoid paying taxes.  He purchased 180 acres of vacant property which included all the vacant land on Walzem from Pep Boys around to Eisenhaur and back towards Midcrown, including vacant land at Eisenhaur and Woodlawn Parkway.  All of these properties are physically located in the City of San Antonio so Windcrest loses nothing, only NEISD, Bexar County, COSA lose property tax dollars.   

 All of this 180 acres, about 6 or 7 parcels were purchased by Michael White, BUT DEEDED to the City of Windcrest Economic Development Corporation!  Michael pays NO property taxes because WEDC is tax exempt.  

Fast forward to 2013, Walmart wants the vacant property across from McDonalds.  So Michael White has WEDC transfer the property to him under his I Wanta Oil, LLC and Michael sells the property to Walmart. During this sale Michael whittles out a few parcels of that sale for himself. I Wanta Oil, LLC, aka Michael White sold one lot in 2015 to Brewingz which will open soon, and in 2016 sold another lot for a strip mall currently under construction..

The remaining vacant properties, according to the Bexar county tax assessor records, is valued at about $10 Million dollars.  These are still deeded to WEDC so Michael still pays no property taxes.  

Yes, still today some 130 acres, located in the City of San Antonio, are deeded to Windcrest WEDC waiting for Michael White to find a buyer. Meanwhile he pays no taxes.  What a sweet deal!