Aleshire questions source of funds, price for Tokyo Electron property

Attorney Bill Aleshire, former Travis County judge and tax assessor-collector, never shy about voicing his opinion on city government, has a multitude of questions about the city’s proposed purchase of the Tokyo Electron property on today’s agenda. As Aleshire points out, records from the Travis Central Appraisal District show the appraised value of the two parcels the city plans to buy is a little more than $49.3 million. (These numbers are frequently lower than the price paid by a buyer.) The city plans, according to the agenda, to pay a total amount not to exceed $87,045,000 including closing costs. That same agenda shows that the money for the property will come from bonds, although it is not clear from the agenda exactly which bonds will be used. Kimberly Moore of the Financial Services Department told the Austin Monitor via email, “The proposed acquisition is supported by a combination of certificates of obligation ($60 million) and Project Connect Anti‐Displacement funds ($27 million).” A city spokesperson has said that the site, which is close to a planned light-rail line along Riverside Drive, might provide “greatly needed space for a second Combined Technology and Emergency Communications Center,” as well as other city office space. Mayor Kirk Watson has a much grander vision for the site, which he has compared to the Mueller development.