Posting Language
Title
Authorize negotiation and execution of an amendment to the interlocal agreement with the Austin Economic development Agency d/b/a Rally Austin to increase funding to be provided by the City related to the Cultural Trust program administered by Rally Austin by $2,500,000, for a total contract amount not to exceed $38,240,000. Funding: $2,500,000 is available in the Operating Budget of the Financial Services Department.
De
Lead Department
Financial Services Department.
Fiscal Note
Funding is the amount of $2,500,000 is available in the Fiscal Year 2024-2025 Operating Budget of the Financial Services Department.
Prior Council Action:
June 10, 2021 - Council approved an interlocal agreement with the Austin Economic Development Corporation to provide assistance in engaging and supporting development projects and leveraging the City's investments or assets to achieve inclusive economic and community development outcomes and priorities.
For More Information:
Kimberly Olivares, Director of Financial Services, (512) 974-2924; Meghan Wells, Special Liaison for Economic Development and Culture, (512) 974-9314.
Additional Backup Information:
This action seeks to increase the amount of funding to be provided by the City to Rally Austin (formerly known as the Austin Economic Development Corporation) through an amendment to the existing interlocal agreement between the two parties (the "ILA") to cover administrative and program costs to achieve inclusive economic and community development outcomes and priorities, in an amount not to exceed $2,500,000, bringing the total contract authority to $38,240,000. The amendment would direct Rally Austin to utilize the additional funding for purposes of implementing the cultural trust program in accordance with Addendum 2 of the ILA.
This increase will consist of $2,500,000 Hotel Occupancy Tax funding approved in the Fiscal Year 2024-2025 Budget through the iconic venue fund in support of the cultural trust...
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