Posting Language
Title
Authorize negotiation and execution of an economic development Place-Based Enhancement Program agreement with Balance Dance Studios LLC for a total amount not to exceed $547,623.?Funding: $547,623 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 $547,623 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:
Balance Dance Studios is launching the Austin Performing Arts Center and Training Complex (APAX), a 33,000-square-foot expansion at its 4544 South Lamar location. The facility will include the Lux Theater, green rooms, and multi-use spaces for performing arts productions, youth programs, childcare, educational workshops, and community events. The project will activate underutilized commercial property, create local jobs, and expand Austin's year-round event capacity. Designed as a solar-powered green facility, APAX also supports sustainability goals. It will serve as a vital cultural hub and flexible civic resource, supporting families, small businesses, freelancers, and the great creative community across Central Texas. The proposed Place-Based Enhancement Program incentive will support this major expansion of a local creative space. High real estate and construction costs, including property taxes and permitting fees, make this project's full construction and effective operation infeasible without incentive support. The prospective total direct economic impact of the project would be a capital investment of $10,500,000. The economic impact also includes $2,100,000 in net fiscal impacts tied to tourism spending; this is driven by la...
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