Perhaps the three most controversial capital projects on Austin’s drawing
board are big-dollar items that taxpayers won’t have to pay for in the upcoming
fiscal year.
* Water service for Lantana. A $4.1 million interest-free loan from FM
Properties will pay for the water system for this property, which backs up to
the southern portion of the company’s Barton Creek PUD. The city will reimburse
FMP from water revenues over a three-year period, rather than issuing revenue
debt, as would normally be the case.
* The baseball stadium. Following public pressure, the council decided to
allow a public vote on issuing $10 million in bonds
for the city’s part of the proposed $22 million
stadium in Southeast Austin. If voters approve the stadium on October 7, the
bond sale will take place in September, 1996.
* The Central City Entertainment Center. About $8.8 million for the center
was actually added to the current capital budget on June 22, but because of its
late addition, it’s still considered a new project. Most of the funding will
come from an $8.2 million HUD loan. – A.M.
This article appears in September 1 • 1995 and September 1 • 1995 (Cover).