Posting Language
Title
Authorize negotiation and execution of all documents and instruments necessary or desirable for the sale of approximately 6.041 acres (263,146 square feet) generally located at 4800 Bolm Road, Austin, Texas 78702 - to the Austin Housing Finance Corporation for a total amount not to exceed $3,950,000 including closing costs. Funding: $3,950,000 is available in the Capital Budget of the Austin Housing Finance Corporation.
De
Lead Department
Austin Financial Services.
Fiscal Note
Funding is available in the Capital Budget of the Austin Housing Finance Corporation using 2022 General Obligation Bonds.
Prior Council Action:
April 13, 2023 - Council adopted Resolution No. 20230413-046, directing the City Manager to prioritize the development of deeply affordable housing over all other uses at 4800 Bolm Road, Austin, Texas, 78702 in coordination with the appropriate departments.
September 1, 2022 - Council adopted Resolution No. 20220901-088, directing the City Manager to take steps to coordinate with the Govalle Neighborhood Association, artists, and community members to identify strategies to preserve and incorporate the Bolm Road Mural into any redevelopment of 4800 Bolm Road, Austin, Texas, 78702.
March 8, 2001 - Council approved a Resolution No. 010308-55, approving the amendment to the settlement of Cause No. 2295; City of Austin v. BFI Waste Systems of North America, Inc., et al; Proceedings in Eminent Domain in Probate Court No. 1 of Travis County.
March 9, 2000 - Council approved a Resolution No. 000309-016, approving a settlement of Cause No. 2295; City of Austin v. BFI Waste Systems of North America, Inc., et al; Proceedings in Eminent Domain in Probate Court No. 1 of Travis County, Texas, to acquire 4800 Bolm Road, Austin, Texas.
June 9, 1994 - Council adopted a Resolution No. 19940609-033, authorizing the City Manager to work with ACCO Waste Paper Company, representatives of the Garden Neighborhood, and representatives of Keep Austin Beautiful to examine all options available to address neighborhood concerns, including the installation of a landscape buffer and the relocation or partial relocation of ACCO.
For More Information:
Brandon Williamson, Austin Financial Services, 512-974-5666; Michael Gates, Austin Financial Services, 512-974-5639; Deletta Dean, Treasurer, Austin Housing Finance Corporation, 512-978-1410.
Additional Backup Information:
This proposed transaction is between the City of Austin (City), as the seller, and Austin Housing Finance Corporation (AHFC), or its affiliate, as the purchaser. This transaction advances Resolution No. 20230413-046, which directs the City Manager to prioritize the development of deeply affordable housing at 4800 Bolm Road, Austin, Texas (the Property), and allows AHFC to acquire the Property at a purchase price significantly below its fair market value. The Property is located in District 3.
The City purchased the Property in 2002 and it has been managed and maintained by Austin Resource Recovery (ARR). City funds have been dedicated to extensive environmental mitigation in compliance with state requirements to prepare the Property for residential development.
Following the transfer of the Property to AHFC, it is expected that ARR will continue to use the Property for temporary staging and logistics until moving to the Northeast Service Center when it opens in late 2027.
Once the Property is conveyed, AHFC will issue a solicitation for its redevelopment in conformance with Resolution No. 20230413-046 and Resolution No. 20220901-088, while maximizing the number of affordable units to be delivered. Staff anticipates beginning solicitation efforts in 2027.