Description
Title: Authorize negotiation and execution of an agreement with Travis County to fund and participate in a Tax Increment Reinvestment Zone No. 21 for approximately 2,645 acres bounded by the Colorado River, US Highway 183, and State Highway 130, in the area generally known as “Dog's Head”. Funding: This item has no fiscal impact.
Summary
The City of Austin is considering an agreement with Travis County to establish Tax Increment Reinvestment Zone No. 21, covering approximately 2,645 acres in the "Dog's Head" area, bordered by the Colorado River, US Highway 183, and State Highway 130. This initiative aims to facilitate development and redevelopment by funding public works and improvements beneficial to the zone. The legislation has no fiscal impact on the city's budget. The agreement will outline the responsibilities of the city and county during the TIRZ's operation, enhancing urban infrastructure and potentially spurring economic growth in this strategically located area near downtown and the Austin-Bergstrom International Airport.