26-2441: Authorize negotiation and execution of all documents and instruments necessary for the City to convey a release and relinquishment of access rights to highway facility to the State of Texas, relinquishing highway access along the east line of the City-owned tract located at 707 East 5th Street, for an amount not less than $4,830,540. Funding: This item is projected to result in additional revenue of $4,830,540 to the City.

Description

Authorize negotiation and execution of all documents and instruments necessary for the City to convey a release and relinquishment of access rights to highway facility to the State of Texas, relinquishing highway access along the east line of the City-owned tract located at 707 East 5th Street, for an amount not less than $4,830,540. Funding: This item is projected to result in additional revenue of $4,830,540 to the City.

Summary

The City of Austin is considering legislation to authorize the negotiation and execution of documents necessary to relinquish access rights to a City-owned parcel at 707 East 5th Street to the State of Texas. This proposed denial of access is due to the expansion of Interstate Highway 35, which requires the City to surrender its rights to the highway frontage road for a compensation of $4,830,540. The funding generated will address outstanding obligations related to the property and support capital accounts. While the property will retain access to East 5th Street, it will lose direct access to the I-35 frontage road. This action is significant as it impacts the City’s financial resources and urban infrastructure planning.