City Council will have until its Dec. 14 meeting to close down a taxing district created to revitalize the Seaholm Power Plant property. That deadline comes because of a decision at last week’s meeting not to close down the tax increment reinvestment zone (TIRZ) that was created in 2008 to fund improvements to the Seaholm […]
Tax Increment Reinvestment Zone
A tax increment reinvestment zone (TIRZ) is a political subdivision that allows property taxes above a certain amount to be funneled back into the area (or zone) in order to pay for things like infrastructure or improvements, in the hopes that reinvestment will encourage private development.
Posted inDevelopment
Council considers Colony Park TIRZ ahead of expected approval
City Council appears ready to move forward next week with the creation of a property tax mechanism that will bring more than $80 million over 20 years to the Colony Park development in East Austin. At Tuesday’s work session, staff from the Economic Development and Housing and Planning departments presented their proposal for using a […]
Posted inPlanning
Exact shape of South Central Waterfront TIRZ in limbo
After a lengthy and complicated discussion at Tuesday’s work session, City Council directed Chief Financial Officer Ed Van Eenoo to advertise a new public hearing about the long-awaited tax increment reinvestment zone for the old Austin American-Statesman site and surrounding areas, known as the South Central Waterfront area. Of course, there has already been at […]
Posted inAustin
Cultural trust hopes to build pipeline of future creative space projects
The city’s new economic development corporation expects to begin its investment in a half-dozen venues and creative space projects by late spring, with $16.9 million in play to help combat the displacement of arts-focused businesses and organizations. The money will be available to a handful of applicants who submit to a recently opened request for […]
Posted inCity Council
New worries arise over tax increment financing
Council members approved a resolution Thursday directing the city manager to bring them a plan for financing two Capital Metro Red Line rail stations in north Austin, one at McKalla Place and one at the new Broadmoor development. However, several Council members expressed unease about using tax increment financing, a vehicle the city has used […]
Posted inPlanning
Waller Creek taxes ID’d to possibly fund $30M in housing for homeless
City staff members have recommended that City Council consider using funds from the tax increment refinancing zone (TIRZ) created for the Waller Creek improvement project and system of parks as the biggest funding source for providing housing and services for the growing homeless population downtown. In a memo issued last week, Interim Assistant City Manager […]
Posted inAustin
City inches Homestead Preservation Districts forward
Technically, Austin has had a Homestead Preservation District for years. Last week, City Council decided to do something about it. Council members voted 9-0-1 to move forward with actually using homestead preservation districts as yet another way of addressing Austin’s affordability crisis. Council Member Don Zimmerman abstained from the vote and Council Member Delia Garza […]