Description
Title: Authorize negotiation and execution of all documents and instruments necessary or desirable for the sale of approximately 6.041 acres (263,146 square feet) generally located at 4800 Bolm Road, Austin, Texas 78702 - to the Austin Housing Finance Corporation for a total amount not to exceed $3,950,000 including closing costs. Funding: $3,950,000 is available in the Capital Budget of the Austin Housing Finance Corporation.
Summary
The City of Austin is proposing the sale of approximately 6.041 acres of property located at 4800 Bolm Road to the Austin Housing Finance Corporation (AHFC) for up to $3,950,000. This sale is part of a broader initiative to prioritize the development of deeply affordable housing in the area, as directed by a prior city resolution. The funding for this transaction comes from the Capital Budget of the AHFC, utilizing 2022 General Obligation Bonds. This property, managed by Austin Resource Recovery since its purchase in 2002, will continue to be used for temporary operations until late 2027. The AHFC plans to solicit proposals for redevelopment to maximize affordable housing units, aligning with community input and previous resolutions aimed