Authorize negotiation and execution of a Place-Based Enhancement Incentive economic development agreement with the Austin Economic Development Corporation d/b/a Rally Austin for utilization of a credit enhancement tool and approve an ordinance providing an exemption from the requirements of Ordinance No. 20240926-012 to support the development of a mixed-use project, including affordable housing and a Cultural Heritage Center, on Urban Renewal Agency property on East 11th Street. This item has no fiscal impact.

Summary

The City Council is asked to authorize the negotiation and execution of an economic development agreement with Rally Austin for a Place-Based Enhancement Incentive. This agreement utilizes a credit enhancement tool, specifically a moral obligation pledge, to support a mixed-use project on Urban Renewal Agency property on East 11th Street. The project includes a Cultural Heritage Center, restaurant space, live/work townhomes, housing for Huston-Tillotson University, and 62-72 affordable condominiums. An ordinance is also proposed to waive a procedural requirement of Ordinance No. 20240926-012, as a draft contract is not yet available. This initiative has no direct fiscal impact on the City, as the pledge is non-binding.

Citizen Impact

This initiative supports the development of a mixed-use project on East 11th Street that will include affordable housing and a Cultural Heritage Center.

Confidence

high