Posting Language
Title
Authorize negotiation and execution of a Place-Based Enhancement Affordable Space economic development agreement with Waverly North, LLC, to provide and maintain no-cost nonprofit office space for housing stability services, for a total amount not to exceed $864,210 over a 10-year term. Funding: $864,210 is contingent upon future appropriations to the Economic Incentive Reserve Fund.
De
Lead Department
Austin Economic Development
Fiscal Note
Maximum economic development agreement payments to Waverly North are estimated at $864,210 over the course of a ten-year term, if all performance and compliance criteria are met. Funding for incentive payments is contingent upon the annual appropriation of funds to the Economic Incentive Reserve Fund. Eligible sources of funding for the Economic Incentive Reserve Fund may include, but are not limited to, sales taxes, property taxes, mixed beverage taxes, and grants and private donations.
Prior Council Action:
Resolution No. 20250213-022 - City Council adopted a resolution supporting Waverly North, LLC’s application to Texas Department of Housing and Community Affairs for competitive 9% Low-Income Housing Tax Credits.
Ordinance No. 20250605-098 - City Council amended the Central Austin Combined Neighborhood Plan, changing the property’s future land-use designation from Civic to Multifamily Residential.
Ordinance No. 20250605-099 - City Council rezoned 3710 Cedar Street from SF-3-based zoning to MF-4-based zoning, while retaining the applicable historic-landmark and neighborhood-conservation overlays.
For More Information:
Mac Cummins, Director, Austin Economic Development, 512-568-9720; Matthew Schmidt, Division Manager, Austin Economic Development, 512-974-6415
Additional Backup Information:
Waverly North is a historic adaptive-reuse development by O-SDA Industries that will provide 76 income-restricted affordable apartments at 3710 Cedar Street in Austin’s North University neighborhood, a high-op...
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