The Austin City Council on a vote of 5-2 this morning approved $3.8 million in construction fee waivers and up to $500,000 for relocation of a wastewater line to facilitate White Lodging’s plan to build a new hotel on Congress Avenue. Mayor Pro Tem Sheryl Cole made the motion and Mayor Lee Leffingwell seconded the motion. Newly elected Council Member Kathie Tovo and Council Member Laura Morrison voted against the motion.
According to a study done by the city’s Economic Growth and Redevelopment Services Office, the city will gain more than $25 million in taxes over the 10-year period after the hotel is built.
The Council has not yet taken action on endorsing Formula 1.