Item 3B: Update on Potential Teacher Retirement System Headquarters at Mueller — original pdf
Backup
Mueller Commission Presentation | March 10, 2020 Teacher Retirement System of Texas Potential Mueller Headquarters Proposed Use • 3.7-acre parcel • Bordered by 51st, Berkman and Barbara Jordan with street entrance off of 51st Street • Possible four-story, 300,000+ sf office building developed by Catellus • Building sale to Teacher Retirement System of Texas for headquarters • 1,100 potential employees at move in, with potential growth RMMA PIAC, March 10, 2020 | Page 3 About TRS • • • Teacher Retirement System of Texas (TRS), an institutional organization established in 1937 TRS provides pension and health care benefits to approximately 1.6 million constituents, namely Texas educators and their families • Mueller site could serve approximately 1,100 employees plus educators seeking information on daily basis Like Seton, UT, Texas Mutual and other organizations, TRS would be a stable, sustainable employer at Mueller with a wide range of positions and wages RMMA PIAC March 10, 2020 | Page 3 Appropriate Use • This parcel has always been planned as office/mixed-use • Conceptual site plan will follow Mueller’s Design Guidelines and PUD zoning requirements • This project fits within Mueller’s Traffic Impact Analysis and East 51st Street Vision Plan • A government entity would not pay property taxes on land it owns, but that’s true at Mueller or any other location within Austin • As of 2018, Mueller’s annual debt service was $4.5M with 2018 TIF revenue of $6.2M* • Strong assessed property valuation growth over last 5 years, and sales tax performing well* * As reported to RMMA PIAC 11/12/2019: Update on Mueller Financing RMMA PIAC, March 10, 2020 | Page 4 Next Steps * • March 24, 2020 Council work session • March 26, 2020 Council meeting Summer 2020 Negotiating agreement between Catellus and TRS • • Fall 2020 TRS board approval * All dates subject to change without notice RMMA PIAC, March 10, 2020 | Page 5 Questions and Answers Mueller Illustrative October 2017 Proposed TRS Site RMMA PIAC, March 10, 2020 | Page 6