Waller Creek Tunnel Project Funding Updates
Advancing the Waller Creek Tunnel Project:
City leaders considered approving an updated project and funding plan for the Waller Creek Tunnel, a major initiative designed to prevent flooding and revitalize downtown areas.Utilizing Tax Increment Financing (TIF):
The updated plan relies on Tax Increment Financing (TIF). This funding mechanism dedicates a portion of future property tax growth in the project zone to pay for the tunnel's construction.Securing Travis County Partnership:
An amendment was recommended to an agreement with Travis County to formalize their participation and financial contribution to the Waller Creek Tunnel Project.
Full Transcript
;.?-! A fKf^w.fa'r *••<>•-» • &»* *—x- ^^y^-^^s^fas ^^^S^^^^C^^^S^^^^^^^. TAX INCREMENT Z0HE#g/BeARD AGENDA February 17, 2011 4:00 PM 1. Approve the adoption of Amendment No. 1 to the project and financing plan for Tax Increment Financing (TIP) Reinvestment Zone No. 17 (Waller Creek Tunnel Project) and submission of the plan to the Austin City Council with a recommendation for approval. 2. Recommend to the Austin City Council the execution of Amendment No. 1 to the Agreement between the City of Austin and Travis County to fund and participate in the Tax Increment Financing (TIF) Reinvestment Zone #17 (Waller Creek Tunnel Project). (To be approved by Travis County on February 22, 2011). cc: LLf _1o CO CO oo ez o_ CO