Description
Title: Authorize negotiation and execution of all documents and instruments necessary or desirable for Austin Housing Finance Corporation to acquire the approximately 6.041 acres of land located at or near 4800 Bolm Road, Austin, Texas, 78702 from the City of Austin, for an amount not to exceed $3,950,000, including closing costs. Funding: $3,950,000 is available in the Fiscal Year 2025-2026 Capital Budget of the Austin Housing Finance Corporation using 2022 General Obligation Bonds.
Summary
The City of Austin is considering a proposal to authorize the Austin Housing Finance Corporation (AHFC) to acquire approximately 6.041 acres of land at 4800 Bolm Road for up to $3,950,000, utilizing funds from the Fiscal Year 2025-2026 Capital Budget supported by 2022 General Obligation Bonds. This acquisition aligns with a prior resolution directing the City Manager to focus on developing deeply affordable housing on the site. The land was purchased by the City in 2002 and managed by Austin Resource Recovery, which will continue using it temporarily until a new service center opens in 2027. Once the property is transferred, AHFC plans to seek proposals for redevelopment, emphasizing affordable housing and community input regarding the