Posting Language
Title
Authorize negotiation and execution of a Place-Based Enhancement Incentive economic development agreement with the Austin Economic Development Corporation d/b/a Rally Austin for utilization of a credit enhancement tool and approve an ordinance providing an exemption from the requirements of Ordinance No. 20240926-012 to support the development of a mixed-use project, including affordable housing and a Cultural Heritage Center, on Urban Renewal Agency property on East 11th Street. This item has no fiscal impact.
De
Lead Department
Austin Economic Development.
Fiscal Note
There is no fiscal impact to this incentive.
For More Information:
Anthony Segura, Interim Director, Austin Economic Development, 512-974-3187; Donald Jackson, Business Process Consultant, Austin Economic Development, 512-974-2214; Kimberly Olivares, Director, Austin Financial Services, 512-974-2924.
Council Committee, Boards and Commission Action:
July 18, 2024 - Council approved Resolution No. 20240718-063 on an 11-0 vote authorizing the Urban Renewal Agency of the City of Austin (URA) to negotiate and execute all documents, agreements, and instruments necessary or desirable with a qualified applicant to develop a mixed-use project, including affordable housing and other community benefits, on approximately 2.02 acres of land within the East 11th and 12th Streets Urban Renewal Plan area located at or near the 900 and 1100 blocks of East 11th Street, Austin, Texas 78702.
September 26, 2024 - Council approved the Place-Based Enhancement Program (PBEP) through Ordinance No. 20240926-012 on a 10-0 vote with Council Member Harper-Madison off the dais, which included the PBEP Guidelines.
Additional Backup Information:
Rally Austin is supporting the redevelopment of Block 16 and 18, a major cultural mixed-use project on two URA properties. This project is based on project terms approved by Council and procured through a competitive RFP process. The project will be develope...
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