David G. Wallace
Encyclopedia
David Gordon Wallace is an American businessman, politician, and author from the state of Texas.
in Schenectady, New York
, and later received a scholarship at the University of Reading
in England for international studies in Real Estate, Finance and Law, before graduating from the University of North Texas
with a Bachelor of Business Administration in Real Estate Finance.
Before his foray into politics, Wallace was a businessman and "turnaround specialist," having worked in the process of acquiring and/or creating over 100 companies and partnerships in a wide range of industries, ranging from petroleum products to telecommunications. Consequently, Wallace has been involved in a number of insolvent and bankrupt businesses as a result of working with these “turnaround” companies.
He has also served the Sugar Land community in a number of capacities, which
has resulted in his receipt of a number of special appointments, recognitions and awards, including: appointment to the Homeland Security Task Force by Secretary Chertoff; appointment to the Texas One Economic Development Corporation by Governor Rick Perry; appointment to the board of directors of the Texas Comptrollers Safe Keeping Fund; 2005 Fort Bend Rotary Club Humanitarian of the Year Award: 2005 Rotary International Paul Harris Fellow Award; 2005 Fort Bend YMCA Past Presidents’ Award; National Emergency Response & Rescue Training-Certificate of Completion of Senior Officials, Workshop for WMD/Terrorism Incident Preparedness; Texas Municipal League Certificate of Achievement-State Recognition, Fort Bend Association of Realtors 2000 Volunteer of the Year and Fort Bend YMCA 1999 Volunteer of the Year.
Wallace also served on the Margaret Thatcher Foundation as a founding board member and treasurer until 2006 when the U.S. and European foundations merged. Wallace had business relationships with the Thatcher family through Lady Thatcher's son Mark Thatcher. The Margaret Thatcher Foundation was founded by the former British Prime Minister to promote capitalism, democracy, principles of freedom and rules of law, in countries that were once controlled by Communist rule.
Wallace later chaired the Investment Committee for the Perry Properties Realty Investment Fund which was affiliated with Will Perry, the son of top Republican contributor and homebuilder Bob Perry, until Wallace was bought out by Will Perry in 2006. In January 2007, Perry filed a lawsuit against Wallace for fraud. However, depositions later revealed the lawsuit was designed to ruin Wallace’s political career. Subsequently, in 2008, Perry ultimately filed personal bankruptcy
.
During the first year of his first term as a member of City Council, Wallace decided to pursue a mayoral campaign against the three-term incumbent mayor Dean A. Hrbacek, also a Republican; the city of Sugar Land is heavily Republican. Wallace gained support of the Fort Bend County Republican Party Chair Eric Thode with whom he had a political alliance, and other prominent leaders in Fort Bend County, including former Sugar Land Mayor Lee Duggan. Wallace defeated Hrbacek in May 2002, winning approximately 55% of the vote.
Since being elected, Wallace has guided Sugar Land policies and presided over a robust economy that resulted in lower property taxes, new jobs and upgraded infrastructure. During his tenure as mayor, Wallace worked as a member of the U.S. Conference of Mayors and was co-chairman of the Urban Water Council for the United States Conference of Mayors, as well as co-chairman for the conference's Homeland Security Task Force.
During his tenure, Sugar Land was named third in “Best Places to Live” in America by MONEY Magazine and CNN/Money, America’s Fifth Safest City by CQ Press, one the 100 Best Communities for Young People (three consecutive years), the nation’s first Community of Respect by the Anti-Defamation League and many more.
Also during Wallace's time as mayor, Sugar Land moved city offices into a newly-completed city hall located in the new $200 million Sugar Land Town Square, oversaw the $30 million expansion and addition of a new terminal to its regional airport, recruited many corporate headquarter relocations to drive economic development to the city and worked on the expansion of First Colony Mall. Wallace's second term also saw the debut of Sugar Land's first in-city Public-access television
cable TV channel.
While mayor, Wallace negotiated with Minute Maid
to relocate their headquarters to Sugar Land.
In 2004, Wallace was reelected with no opposition, and ran unopposed again in 2006. Wallace elected not to run again during 2008.
In 2005, while serving as mayor, Wallace sought out a private development company, Cherokee Investments, to redevelop the Imperial Sugar Company’s original site constructed more than 160 years ago. Also in need of a local partner, Wallace turned to a local real estate development firm. Wallace had co-invested with this local developer on other real estate investments. So, in order to protect the City of Sugar Land, the city manager and Wallace made the decision to create a “so-called” firewall around Wallace’s future involvement with the project to ensure there was not even a perception of a conflict of interest.
Since then, Cherokee Investments has closed on the Imperial Sugar tract and is now redeveloping a great community asset.
However, Texas Republicans were unsuccessful in removing DeLay's name from the ballot after Democrats won a court ruling to keep Delay's name on the ballot. As a last resort, DeLay withdrew from the election and left the campaign to a write-in candidate, which opened the doors for Wallace. At that time, Wallace seriously explored the possibility of a write-in campaign.
However, Republican Party precinct chairs ultimately endorsed Wallace's opponent, Shelley Sekula-Gibbs, to face Democrat Nick Lampson—a former Congressman from Beaumont who moved to Stafford, north of Sugar Land, with the original intent of challenging DeLay before he dropped out.
Even though Wallace previously indicated that he would continue to run even if Sekula-Gibbs received the party's endorsement, he announced on August 21, 2006, that he would abandon his write-in campaign and endorse Sekula-Gibbs, who won the remainder of Tom DeLay's unexpired term in a special election. Nick Lampson would go on to win the general election despite a strong showing by Sekula-Gibbs and a visit by President George W. Bush and U.S. Senator Kay Bailey Hutchison just days before the election.
Wallace also announced that he would not run for re-election as mayor of Sugar Land. However, he did not rule out a run for the 22nd Congressional District seat in 2008, which is expected to be a competitive race as the district is heavily Republican; in 2004, George W. Bush defeated John Kerry in this district by a nearly 2-to-1 margin. Additionally, Bush carried Fort Bend County, where Sugar Land is situated, by a double-digit margin.
Among the company’s many real estate development ventures is SWB Heritage Square Partners L.P., which emphasizes several projects in Waco, Texas
, including an ambitious project known as
Waco Town Square.
Personal life
David Wallace attended Union CollegeUnion College
Union College is a private, non-denominational liberal arts college located in Schenectady, New York, United States. Founded in 1795, it was the first institution of higher learning chartered by the New York State Board of Regents. In the 19th century, it became the "Mother of Fraternities", as...
in Schenectady, New York
Schenectady, New York
Schenectady is a city in Schenectady County, New York, United States, of which it is the county seat. As of the 2010 census, the city had a population of 66,135...
, and later received a scholarship at the University of Reading
University of Reading
The University of Reading is a university in the English town of Reading, Berkshire. The University was established in 1892 as University College, Reading and received its Royal Charter in 1926. It is based on several campuses in, and around, the town of Reading.The University has a long tradition...
in England for international studies in Real Estate, Finance and Law, before graduating from the University of North Texas
University of North Texas
The University of North Texas is a public institution of higher education and research in Denton. Founded in 1890, UNT is part of the University of North Texas System. As of the fall of 2010, the University of North Texas, Denton campus, had a certified enrollment of 36,067...
with a Bachelor of Business Administration in Real Estate Finance.
Before his foray into politics, Wallace was a businessman and "turnaround specialist," having worked in the process of acquiring and/or creating over 100 companies and partnerships in a wide range of industries, ranging from petroleum products to telecommunications. Consequently, Wallace has been involved in a number of insolvent and bankrupt businesses as a result of working with these “turnaround” companies.
He has also served the Sugar Land community in a number of capacities, which
has resulted in his receipt of a number of special appointments, recognitions and awards, including: appointment to the Homeland Security Task Force by Secretary Chertoff; appointment to the Texas One Economic Development Corporation by Governor Rick Perry; appointment to the board of directors of the Texas Comptrollers Safe Keeping Fund; 2005 Fort Bend Rotary Club Humanitarian of the Year Award: 2005 Rotary International Paul Harris Fellow Award; 2005 Fort Bend YMCA Past Presidents’ Award; National Emergency Response & Rescue Training-Certificate of Completion of Senior Officials, Workshop for WMD/Terrorism Incident Preparedness; Texas Municipal League Certificate of Achievement-State Recognition, Fort Bend Association of Realtors 2000 Volunteer of the Year and Fort Bend YMCA 1999 Volunteer of the Year.
Wallace also served on the Margaret Thatcher Foundation as a founding board member and treasurer until 2006 when the U.S. and European foundations merged. Wallace had business relationships with the Thatcher family through Lady Thatcher's son Mark Thatcher. The Margaret Thatcher Foundation was founded by the former British Prime Minister to promote capitalism, democracy, principles of freedom and rules of law, in countries that were once controlled by Communist rule.
Wallace later chaired the Investment Committee for the Perry Properties Realty Investment Fund which was affiliated with Will Perry, the son of top Republican contributor and homebuilder Bob Perry, until Wallace was bought out by Will Perry in 2006. In January 2007, Perry filed a lawsuit against Wallace for fraud. However, depositions later revealed the lawsuit was designed to ruin Wallace’s political career. Subsequently, in 2008, Perry ultimately filed personal bankruptcy
Personal bankruptcy
Personal bankruptcy is a procedure which, in certain jurisdictions, allows an individual to declare bankruptcy. In other jurisdictions, bankruptcies are reserved for corporations.-Canada:...
.
Political career
In 2001, Wallace was elected to Sugar Land City Council as a Single District Member representing District Four.During the first year of his first term as a member of City Council, Wallace decided to pursue a mayoral campaign against the three-term incumbent mayor Dean A. Hrbacek, also a Republican; the city of Sugar Land is heavily Republican. Wallace gained support of the Fort Bend County Republican Party Chair Eric Thode with whom he had a political alliance, and other prominent leaders in Fort Bend County, including former Sugar Land Mayor Lee Duggan. Wallace defeated Hrbacek in May 2002, winning approximately 55% of the vote.
Since being elected, Wallace has guided Sugar Land policies and presided over a robust economy that resulted in lower property taxes, new jobs and upgraded infrastructure. During his tenure as mayor, Wallace worked as a member of the U.S. Conference of Mayors and was co-chairman of the Urban Water Council for the United States Conference of Mayors, as well as co-chairman for the conference's Homeland Security Task Force.
During his tenure, Sugar Land was named third in “Best Places to Live” in America by MONEY Magazine and CNN/Money, America’s Fifth Safest City by CQ Press, one the 100 Best Communities for Young People (three consecutive years), the nation’s first Community of Respect by the Anti-Defamation League and many more.
Also during Wallace's time as mayor, Sugar Land moved city offices into a newly-completed city hall located in the new $200 million Sugar Land Town Square, oversaw the $30 million expansion and addition of a new terminal to its regional airport, recruited many corporate headquarter relocations to drive economic development to the city and worked on the expansion of First Colony Mall. Wallace's second term also saw the debut of Sugar Land's first in-city Public-access television
Public-access television
Public-access television is a form of non-commercial mass media where ordinary people can create content television programming which is cablecast through cable TV specialty channels...
cable TV channel.
While mayor, Wallace negotiated with Minute Maid
Minute Maid
Minute Maid is a product line of beverages, usually associated with lemonade or orange juice, but now extends to soft drinks of many kinds, including Hi-C...
to relocate their headquarters to Sugar Land.
In 2004, Wallace was reelected with no opposition, and ran unopposed again in 2006. Wallace elected not to run again during 2008.
In 2005, while serving as mayor, Wallace sought out a private development company, Cherokee Investments, to redevelop the Imperial Sugar Company’s original site constructed more than 160 years ago. Also in need of a local partner, Wallace turned to a local real estate development firm. Wallace had co-invested with this local developer on other real estate investments. So, in order to protect the City of Sugar Land, the city manager and Wallace made the decision to create a “so-called” firewall around Wallace’s future involvement with the project to ensure there was not even a perception of a conflict of interest.
Since then, Cherokee Investments has closed on the Imperial Sugar tract and is now redeveloping a great community asset.
2006 Congressional Election
While Wallace ran unopposed in 2006, a political development was happening at the federal level in Sugar Land. On the night of April 3, 2006, former House Majority Leader Tom DeLay decided to retire from Congress instead of facing a difficult re-election bid (for a twelfth term). On June 9, 2006, he officially resigned from Congress. DeLay has been the focus of an indictment issued in Travis County, Texas stemming from his funding of Republican candidates through such groups as TRMPAC, which funded Texas candidates, and ARMPAC, which funded federal candidates.However, Texas Republicans were unsuccessful in removing DeLay's name from the ballot after Democrats won a court ruling to keep Delay's name on the ballot. As a last resort, DeLay withdrew from the election and left the campaign to a write-in candidate, which opened the doors for Wallace. At that time, Wallace seriously explored the possibility of a write-in campaign.
However, Republican Party precinct chairs ultimately endorsed Wallace's opponent, Shelley Sekula-Gibbs, to face Democrat Nick Lampson—a former Congressman from Beaumont who moved to Stafford, north of Sugar Land, with the original intent of challenging DeLay before he dropped out.
Even though Wallace previously indicated that he would continue to run even if Sekula-Gibbs received the party's endorsement, he announced on August 21, 2006, that he would abandon his write-in campaign and endorse Sekula-Gibbs, who won the remainder of Tom DeLay's unexpired term in a special election. Nick Lampson would go on to win the general election despite a strong showing by Sekula-Gibbs and a visit by President George W. Bush and U.S. Senator Kay Bailey Hutchison just days before the election.
Wallace also announced that he would not run for re-election as mayor of Sugar Land. However, he did not rule out a run for the 22nd Congressional District seat in 2008, which is expected to be a competitive race as the district is heavily Republican; in 2004, George W. Bush defeated John Kerry in this district by a nearly 2-to-1 margin. Additionally, Bush carried Fort Bend County, where Sugar Land is situated, by a double-digit margin.
Future
David Wallace is currently the Chief Executive Officer and Co-founder of Wallace Bajjali Development Partners, L.P., a real estate development firm specializing in single-family lot subdivisions, commercial land development, mixed-use town centers, vertical retail and office development.Among the company’s many real estate development ventures is SWB Heritage Square Partners L.P., which emphasizes several projects in Waco, Texas
Waco, Texas
Waco is a city in and the county seat of McLennan County, Texas. Situated along the Brazos River and on the I-35 corridor, halfway between Dallas and Austin, it is the economic, cultural, and academic center of the 'Heart of Texas' region....
, including an ambitious project known as
Waco Town Square.