The Dallas Police and Fire Pension System lost the public records battle, and now it’s starting a war. After the state Attorney General’s office ruled against it earlier this month, finding that it must hand over to a requestor numerous records regarding a luxury real estate investment, the system filed suit against the AG in Travis County.
The investment in question is with Knudson Development in Hawaii and two companies owned by the system, GP Western Housing and KLH IV.
The request asked for names of people who had rented at one of the developments financed by the pension system, according to the lawsuit.
An asset distribution statement as of Jan. 31 this year shows a relatively minimal investment in Knudson - $590 million, or .1 percent of its real estate allocation.
It’s not the only flap the pension group is embroiled in; the Dallas Observer in July chronicled a deal with a local developer on a $200 million condo tower that has gone south, endangering members’ pensions.
It’s a dicey game the pension board is playing; real estate ventures are becoming more common for pension systems that are clamoring for projected returns of 8 percent that just aren’t happening.
In the case of the public records, though, these very public entities should be aware that their ventures are subject to public scrutiny.
Contact Steve Miller at 832-303-9420 or firstname.lastname@example.org.
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Photo of fire truck in Dallas by flickr user Justortitri, used via a Creative Commons license.
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