Posting Language
Title
Authorize negotiation and execution of an amendment to the interlocal agreement with the Austin Economic Development Corporation (AEDC) to increase funding by $10,150,000 for increased AEDC operational expenses, additional iconic music fund appropriations, and expenses necessary to implement the I-35 Central Austin Connecting Equitably Project for a total agreement amount not to exceed $35,740,000.
De
Lead Department
Economic Development.
Fiscal Note
Funding in the amount of $2,500,000 is available from the Fiscal Year 2023-2024 Operating Budget of the Economic Development Department. Funding in the amount of $2,500,000 is available from the Fiscal Year 2023-2024 Iconic Venue Fund. Funding in the amount of $150,000 from Fiscal Year 2023-2024 Operating Budget of the Austin Transportation Department. Funding for the remining years of the AEDC ILA is contingent upon available funding in future budgets.
Prior Council Action:
Resolution No. 20170216-040 - Council approved the proposal of an economic development corporation or similar entity to support the development of affordable housing, redevelopment, revitalization, and other projects.
Resolution No. 20180215-082 - Council approved steps for collaborating with and supporting An Austin Cultural Trust to create spaces to support artists and arts organizations, preserve historic and iconic cultural buildings and spaces for creative and cultural uses.
Resolution No. 20180809-061 - Council approved ordering an election on November 16, 2018, to authorize general obligation bonds for Libraries, Facilities and Cultural Museums.
Resolution No. 20200521-095 - Council approved a resolution to prepare and take appropriate action to ensure the long-term sustainability of Austin's creative culture, including its arts and music industries on an 11-0 vote.
Resolution No. 20200521-096 - Council approved actions related to economic recovery and revitalization associated with the live music ecosystem...
Click here for full text