Posting Language
Title
Approve an ordinance terminating Reinvestment Zone Number 18, City of Austin, Texas, related to the Seaholm Redevelopment Project.
De
Lead Department
Financial Services Department.
Fiscal Note
This item has no fiscal impact.
Prior Council Action:
December 11, 2008 - Council adopted Ordinance No. 20081211-028, creating the Reinvestment Zone
Number 18 - City of Austin, Texas, related to the Seaholm Redevelopment Project.
November 19 2009 - Council adopted Ordinance No. 20091119-003, amending Ordinance No. 20081211-028 and adopting final project and financing plans for the zone.
May 24, 2012 - Council adopted Ordinance No. 20120524-014, amending Ordinance Nos. 20081211-028 and 20091119-003, increasing the geographic boundaries of the zone, and amending the adopted plans.
For More Information:
Kimberly Olivares, Deputy Chief Financial Officer 512-974-2924; Sylnovia Holt-Rabb, Director, Economic Development Department, 512-974-313.
Additional Backup Information:
In December 2008 Council adopted Ordinance No. 2081211-028, creating Reinvestment Zone Number 18, City of Austin, Texas, for the Seaholm Redevelopment Project (the “Zone”). The related project and financing plans were first adopted in Fiscal Year 2008-2009 and amended in Fiscal Year 2011-2012. The Zone’s geographic boundaries were enlarged in 2012 pursuant to Ordinance 20120524-014.
The project and financing plan for the Zone included funding for the following:
1. Historic preservation and renovation of the historic Seaholm Power Plant.
2. Creation of street infrastructure that links Cesar Chavez and Third Streets, including construction of Seaholm Drive and West Avenue.
3. Creation of a public plaza within Seaholm to link power plant with new residential tower and office and retail tower.
4. Construction of a bicycle and pedestrian under railroad tracks at Bowie Street (the “Bowie Underpass”).
All projects envisioned in the original plan and amended plan were completed with the exception of the Bowie Underpass project. Despite extensive negotiations with Union Pacific Railroad, a project agreement could not be reached.
The Zone is already built to its highest and best use and amendments to the related project and financing plan are unnecessary. Currently there is $12,588,466 in funds remaining in the tax increment fund related to the Zone. To render the remaining funding available, allowing for it to be used for projects outside those specifically noted in the project and financing plans, Council is required to terminate the Zone Once the Zone is terminated, Council can reallocate the funds as part of the mid-year budget amendment process.