Austin Economic Development Corporation Presentation — original pdf

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Implementing inclusive and equitable public development services as a non-profit partner to the City of Austin 15 August 2022- South Central Waterfront Advisory Board AEDC BOARD & TEAM Austin EDC Standing Committees Executive • • Governance Finance • • Strategic Planning • Real Estate Project Committees: • Cultural Trust Advisory Committee • Urban Renewal Board Partnership Working Group • + future projects 2 AEDC PROJECTS South Central Waterfront Urban Renewal District 11th Street URA Development Connecting Equitably Austin Cultural Trust Austin Cultural Trust • • • Managing 100+ acre multi parcel Tax Increment district (TIRZ) when established Assuring public benefit outlined in a 2016 Vision Plan Designing tools and strategies to assure even more affordable housing, creative spaces, local small businesses Austin EDC • • • Facilitating land development on key city blocks for the only Urban Renewal Agency in City Creating cross-sector partnership and assembling tools to do additional work Restore and secure cultural identity in gentrified/displaced neighborhood. • • • Leveraging the Cap and Stitch Project on I-35 identify potential projects along corridor to further equitable development opportunities that connect rather than separate neighborhoods Identify ways to connect neighborhoods to new amenities along the corridor Develop market feasible roadmaps for projects • • • Facilitating the preservation and development of cultural and creative infrastructure Achieve diversity, equity and inclusion, Provide permanent affordability for cultural and creative purposes. 3 Great Waterfront Districts • A waterfront district, an expansion of Downtown, does not come along often. Austin did the right thing by initiating a community led vision. It’s time to put the plan into action, leveraging initial projects that are adopting the plan, and investing further in the public realm. Austin EDC South Central Waterfront | 4 How has Austin accomplished ‘big visions?’ • Each district is accomplished with a variety of public policy tools, a ’toolbox,’ partnership with the private sector, and even new tools that had to be created for the project, and all have created economic and social value. Austin EDC South Central Waterfront | 5 South Central Waterfront is a unique district with many owners Austin EDC South Central Waterfront | 6 South Central Waterfront is a unique district • Most parcels are privately owned parcels, creating a unique challenge for achieving the 2016 Vision: • Regulating Plan provides the structure—it will be ‘opt in’ • Mitigates ‘PUD’ by ‘PUD’ decision-making • Public investment provides the ‘connective tissue’ to unite the district • Project specifics/costs will change over time as developers advance projects, requiring an investment strategy plan • Public investment management via AEDC provides opportunity to more directly work with developers to assure district Vision Austin EDC South Central Waterfront | 7 Public Investment ‘Tool Box’ Land Use Planning Infrastructure Parks & Open Space Affordable Housing Regulating Plan Oversight & Developer Relationships CIP PID GO Bonds GO Bonds TIRZ PID TIRZ Private AFHC GO Bonds Housing Tax Credits TIRZ Social Impact Investments Austin EDC South Central Waterfront | 8 With and Without Public Investment With Without • More value creation, benefitting City’s General Fund over the long term. • Connectivity between developments providing improved public realm • Better public access to waterfront Infrastructure efficiencies/shared • parking and utilities • Activated pedestrian streets • New street to provide District benefit and additional value over time. Enhanced public parks and trails • • Required affordable housing • Negotiation and oversight with developers post land-use permits • Dedicated focus of district-wide and public beneft implemetation Less value creation • • Hyper parcelized, suburban buildings • • Duplicative roadways, paved surfaces • More garages diminishing the Limited access to waterfront pedestrian flow Limited affordable housing opportunities Fewer units of housing overall Limited oversight of development • • • Austin EDC South Central Waterfront | 9 With and Without Public Investment With: 6.2 Million SF Without: 1.6-3.2 M SF Austin EDC South Central Waterfront | 10 Thank you