Posting Language
Title
Authorize negotiation and execution of an economic development Place-Based Enhancement agreement with The Hideout for a total amount not to exceed $163,341.?$163,341 from Fiscal Year 2027 - 2036 in the Economic Incentive Reserve Fund Budget. Funding $163,341 is contingent upon approval of the Proposed Economic Development Department's Economic Incentive Reserve Fund Budgets.
De
Lead Department
Economic Development.
Fiscal Note
Funding in the amount of $163,341 is contingent upon approval of future Fiscal Economic Development Department's Economic Incentive Reserve Fund Budgets.
For More Information:
Anthony Segura, Interim Director, Economic Development Department, 512-974-3187; Donald Jackson, Business Process Consultant, 512-974-2214.
Additional Backup Information:
The Hideout is a legacy local business and creative space located in Downtown Austin for the last 25 years. Recent changes in property ownership have forced the business to relocate. The proposed Place-Based Enhancement Program incentive will aide in relocation and re-establishment of this local legacy business and creative space, supporting tenant finish-out at a new site including a coffee shop, classrooms, and performance space. High real estate and construction costs, including property taxes and permitting fees, make the site renovations for this project infeasible without incentive support. The prospective total direct economic impact of the project would be a capital investment of $708,273. The economic impact also includes $1,400,000 in net fiscal impacts tied to tourism spending over ten years; this is driven by large numbers of non-local patrons demonstrated for this creative sector business.
The project is eligible for consideration under the Place-Based Enhancement Program guidelines and received the necessary score for an incentive equal to 100 percent of the property taxes and sales taxes paid to the City by The Hideout, as allowed under the Place-Based En...
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