B-06 Public Correspondence - Paula Kothmann .pdf — original pdf

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From: To: Cc: Subject: Date: Attachments: Paula Kothmann Rivera, Andrew Paula Kothmann opposition to 305 S Congress PUD Tuesday, February 8, 2022 1:41:41 PM South River City Citizens statement in opposition to 305 S Congress PUD Amendment January 21 Update.docx.pdf THZC_Improvement Values TH vs Downtown Jan 18, 2022.pdf THZC_Land Values TH vs Downtown Jan 18, 2022.pdf Statesman_TCAD_Roll Value History.pdf *** External Email - Exercise Caution *** Dear Planning Commission: Superior? Thank you for taking such care to ask questions about this proposed PUD. The question that was not answered in Dec: why is this project afforded a Superior Rating? Since the staff couldn't answer it, I question why they seem to favor an out of town owner paying a remarkably low rate of ad valorem tax when the PUD is opposed by approximately 5,000 households with the South River City Citizens (see attached). Financials Furthermore, the financials are quite scary. I've attended many presentations: I was led to believe that the community benefits would be paid by the owner in exchange for the entitlement to develop over 4 times the current entitlement. Then we're told that they won't even be building affordable housing on site. How can that be helping Austin's housing crisis? Exactly how much housing has "fee in lieu" built to date? The fact that the City of Austin contemplates a $277M bond has incurred the wrath of many taxpayers. Attached please see the low rate that the Statesman tract pays as compared to nearby properties. See attached documents: the ~64K sf building is valued at $888 less than 1 cent/sf when vintage houses are $258/sf? & land value is less than $4M/acre, much less than surrounding properties. Is that true or the result of protests at TCAD? thus the 2 acres they plan to give to Barton Springs Road that will only serve their property is worth $8M. Granted. But $8M doesn't absolve a developer to build o-nsite affordable housing (and $8M doesn't get a lot of housing) much of the 6.5 acres to be used for a park is not buildable anyway (and is valued less) Also, this proposed bond will raise our taxes, and it's even proposed that taxes from the District will be spent in the District, thus others have to cover the basics. Just the fee to get the debt is $800K+. Debt does not lead to prosperity. In addition, Elloa Mathews asked several weeks ago how much money has been spent on this District (Alan Holt's salary, several consultants, etc.) Please get her that info. Before approving anything, please ensure that any project benefits the majority of Austin, including money already spent. Does the property tax that they pay, equal to about 80 single family homes in a neighborhood of 5,000 households, entitle them to get so much staff time and proposed bonds to build amenities that will allow them to command more rent/sales price? I don't begrudge them making money, but I definitely begrudge paying tax to make it happen. Thank you for your consideration, Paula Kothmann property owner: Travis Heights and Bouldin, neighborhoods most impacted by the SCW CAUTION: This email was received at the City of Austin, from an EXTERNAL source. Please use caution when clicking links or opening attachments. If you believe this to be a malicious and/or phishing email, please forward this email to cybersecurity@austintexas.gov. January 18, 2021 South River City Citizens (“SRCC”) statement in opposition to 305 S. Congress PUD Amendment SRCC opposes the current City Staff Planning Department recommendation for the amended PUD for the former Statesman site, located in South Central Waterfront (“SCW”). Russell Fraser 1/21/2022 10:36 AM Comment [1]: Updated 1/21/2022 SRCC has participated in the SCW Framework Vision Plan adopted by Austin City Council in 2016, with the expectation that future redevelopment would include accessible and open space, affordable housing, and green infrastructure as described in the plan, in exchange for public financing and favorable entitlements. In 2019, soon after the PUD amendment application was submitted, the South Central Coalition (SRCC, Bouldin, Dawson, Galindo, Barton Hills and Zilker Neighborhood Associations) passed a resolution requesting that the Planning Commission defer action on the project until it implemented a Regulating Plan and necessary financial tools for the project. While the Austin Economic Development Corporation was established late 2021, there is no governance or financing for the SCW. Although the applicant claims it has complied with a Regulating Plan, no such plan exists. SRCC appreciates the open lines of communication established by Endeavor (Mr. Pastor) and the owner’s trustee (Mr. Suttle). To date, Endeavor’s project design team has provided SRCC with several presentations regarding SCW. However,, SRCC supports conditions placed on the project from the Parks and Recreation Board (PARD), Environmental Commission, South Central Waterfront Advisory Board, Transportation Department, and others; and as such, cannot recommend approval of the PUD application at this time. SRCC will continue to work with Endeavor and the City to seek agreement and resolution regarding community concerns. SOUTH RIVER CITY CITIZENS STATEMENT IN OPPOSITION TO 305 S CONGRESS PUD AMENDMENT JANUARY 21 UPDATE.DOCX Russell Fraser 1/21/2022 10:37 AM Comment [2]: Should “Also” replace “However”? Russell Fraser 1/21/2022 10:42 AM Comment [3]: Added Transportation and semi colon Russell Fraser 1/18/2022 8:24 PM Comment [4]: Clarify this, it’s the PUD application not the SCW Property Type Condo Commercial SF Condos SF 2021 Land Value Address 900 South First St 1600 South First Street 311 W Milton St 78704 rental 500 E Riverside Dr 1317 Kenwood Ave 78704 HS "Affordable " One Texas Center CoA 5 ac + pvt 2324 Wilson St Lucero "Affordable " 1924 South First St Commercial 301 W RIVERSIDE DR Restaurant Apartments WOODLAND AVAria Grand F4 Snoopy PUD: Stream Realty F3 Industrial CoA Tax Exem Vacant Lot Vacant Lot Snoopy PUD 401 South First St 604 W JOHANNA Restaura 305 S Congress Statesman 920 W Riverside Dr South 6th St Oltorf: $72K in arrears taxes Sales Price Impr Value '21 $657,876.00 8,299,808 $465,097.00 $103,163.00 $619,177.00 $39,585,172.00 $22,089,754.00 $367,103.00 $304,824.00 $1,667,983.00 $48,590.00 1,347 22,826 1,690 399 2,660 224,625 187,558 5,194 11,078 63,906 2,544 $ 3,562,061.00 345,735 1,296 60,986 0 0 0 Impr SF Impr $/SF $488.40 $363.61 $275.21 $258.55 $232.77 $176.23 $117.78 $70.68 $27.52 $26.10 $19.10 $10.30 $4.69 $0.03 $0.00 $0.00 $0.00 $6,084.00 $1,776.00 $0.00 $0.00 $0.00 Yr Buit 2018 2021 1949 1971 1928 1983 2015 1961 1973 2020 1959 2020 2007 0 0 0 Imp Value 2020 574,620.00 0.00 193,250.00 86,510 344,800.00 37,072,825 14,450,500 585,360.00 299,622 1,535,775 47,973 0.00 6,084.00 2,000.00 0.00 0.00 0.00 Cost/SF 426.59 0.00 114.35 216.82 129.62 165.05 77.05 112.70 27.05 24.03 18.86 0.00 4.69 0.03 0.00 0.00 0.00 Delta 20-21 83,256.00 8,299,808.00 271,847.00 $16,653.00 274,377.00 2,512,347.00 7,639,254.00 -218,257.00 5,202.00 132,208.00 617.00 0.00 0.00 -224.00 0 Delta % 14.49% NA 140.67% 19.25% 79.58% 6.78% 52.86% -37.29% 1.74% 8.61% 1.29% 0.00% 0.00% -11.20% 0.00% 0 0.00% 200 Lee Barton: Paggi House $97,000,000.00 Land $/SF Sales Price $97,000,000.00 Property Type Snoopy PUD: Stream Realty Address Snoopy PUD 401 South First St "Affordable " One Texas Center CoA 5 ac + pvt 301 W RIVERSIDE DR 920 W Riverside Dr 200 Lee Barton: Paggi House 900 South First St 1600 South First Street 1924 South First St 305 S Congress Statesman 500 E Riverside Dr South 6th St 604 W JOHANNA Restaura 311 W Milton St 78704 rental 1317 Kenwood Ave 78704 HS 2324 Wilson St Lucero Oltorf: $72K in arrears taxes WOODLAND AVAria Grand Restaurant CoA Tax Exem F4 Condo Commercial Commercial Industrial Condos Vacant Lot F3 SF SF "Affordable " Vacant Lot Apartments 2021 Land Value $8,827,350.00 $87,947,700.00 $7,476,263.00 $49,005,000.00 $1,161,604.00 $95,436.00 1,168,662 $676,530.00 $74,482,724.00 $72,180.00 $451,250.00 $541,800.00 $451,250.00 $450,000.00 $8,449,500.00 $300,000.00 $1,757,070.00 #Acres 1.35 13.46 1.20 9.00 0.22 0.02 0.2683 0.17 18.86 0.02 0.13 0.18 0.15 0.17 3.88 0.17 1.30 Land Cost/Acre $6,538,777.78 $6,534,004.46 $6,230,219.17 $5,445,000.00 $5,280,018.18 $4,771,800.00 $4,355,803.21 $3,979,588.24 $3,949,661.89 $3,609,000.00 $3,471,153.85 $3,010,000.00 $3,008,333.33 $2,647,058.82 $2,177,706.19 $1,764,705.88 $1,351,592.31 Mortgage $150.00 $122,940,000.00 $150.00 $142.50 $125.00 $120.00 $110.00 $100.00 $90.00 $114.75 $90.00 $81.96 $70.00 $66.81 $60.80 $50.00 $40.51 $30.00 $23,000,000 Impr Value '21 $ 3,562,061.00 $39,585,172.00 $304,824.00 $0.00 $48,590.00 $657,876.00 8,299,808 $367,103.00 $1,776.00 $103,163.00 $0.00 $6,084.00 $465,097.00 $619,177.00 $22,089,754.00 $0.00 $1,667,983.00