Austin Downtown Maintenance Plan Approved
- A dedicated funding zone (Tax Increment Financing or TIF) was officially established to finance ongoing public improvements in a key downtown Austin area.
- This policy decision specifically targets the maintenance of public spaces, including plazas and streetscapes, within blocks near West Cesar Chavez, Colorado, and San Antonio streets.
- The plan allocates approximately $100,000 annually for these maintenance efforts, following an initial $50,000 in the first year.
- Funding will be sourced from a portion of the increased property tax revenues generated within the newly designated district, with collections anticipated to begin in fiscal year 2001-2002.
Full Transcript
TAX INCREMENT FINANCING REINVESTMENT ZONE #15 Board of Directors: Kirk Watson, Chair Jackie Goodman, Director Raul Alvarez, Director Danny Thomas, Director Beverly Griffith, Director Will Wynn, Director Daryl Slusher, Director BOARD OF DIRECTORS MEETING TAX INCREMENT FINANCING (TIF) REINVESTMENT ZONE #15 SPECIAL CALLED MEETING MINUTES THURSDAY, OCTOBER 12,2000 The Board of Directors of the Tax Increment Financing (TIF) Reinvestment Zone #15 was convened at 9:57 a.m. on Thursday, October 12, 2000 in the Board Room at the Lower Colorado River Authority Hancock Building, 3700 Lake Austin Boulevard. The following agenda items were considered by the Tax Increment Financing Reinvestment Zone #15 Board of Directors. Chair Watson called the meeting to order at 9:57 a.m. A Board of Directors meeting of the Tax Increment Financing Reinvestment Zone #15 was convened. TIF #15-33. Adopt the Project and Financing Plan for Reinvestment Zone Number Fifteen, City of Austin, Texas, a Tax Increment Financing (TIF) Reinvestment Zone created under Texas Tax Code Chapter 311 in a contiguous geographic area within the City of Austin, including Blocks 2, 3, 4, and 21 of the Original City Subdivision, which is bounded by San Antonio, West Cesar Chavez, Colorado and West Third Street, for the purpose of maintaining the plazas, streetscapes, and other public improvements constructed and installed by the City within the Reinvestment Zone. (An annual amount of $100,000 (excluding year 1 estimated at $50,000) is proposed for maintenance in the zone, to be funded by a portion of the incremental tax revenue received from the project. The first amount of incremental tax revenue received from the project for this zone will occur in Fiscal Year 2001-2002.) Resolution No. 001012-33 was approved on Board Member Thomas' motion, Board Member Griffith's second by a 7-0 vote. The motion to adjourn the TIF Board of Director's Meeting at 10:03 a.m. was approved on Council Member Griffith's motion, Council Member Thomas' second by a 7-0 vote. TAX INCREMENT FINANCING REINVESTMENT ZONE #15. P.O. BOX 1088. AUSTIN. TX 78767-1088 (512) 974-7857 P:\EDIMS Conversion\WordFiles\l228946 DOC 20060717.doc