REGULAR CALLED MEETING of the URBAN RENEWAL BOARD May 19, 2025, INTRODUCTORY GATHERING 5:00 pm, REGULAR MEETING 6:00 pm STREET JONES BUILDING, ROOM 400A 1000 EAST 11TH ST, AUSTIN, TEXAS 78702 Some members of the Urban Renewal Board may be participating by videoconference and a quorum will be present at the location identified above. Public comment will be allowed in-person or remotely via telephone. Speakers may only register to speak on an item once, either in-person or remotely, and will be allowed up to three minutes to provide their comments. Registration no later than noon the day before the meeting is required for remote participation by telephone. To register to speak remotely, call or email Hunter Maples, (512) 974-3120 or hunter.maples@austintexas.gov. The Urban Renewal Board reserves the right to go into closed session to discuss any of the items on this agenda as permitted by the Texas Open Meetings Act, Chapter 551 of the Texas Government Code. CURRENT BOARD MEMBERS/COMMISSIONERS: Manuel Escobar, Chair Darrell W, Pierce, Vice Chair Amit Motwani Byron Davis Jacqueline Watson Kobla Tetey Tam Hawkins INTRODUCTORY GATHERING AGENDA Conduct meet and greet with a possible quorum of the Board (No action or official business) CALL TO ORDER PUBLIC COMMUNICATION: GENERAL The first 10 speakers who registered to speak no later than noon the day before the meeting, if speaking virtually, or who signed up prior to the meeting being called to order if speaking in person, will each be allowed a three-minute allotment to address their concerns regarding items not posted on the agenda. 1 of 2 APPROVAL OF MINUTES 1. Approve the minutes of the Urban Renewal Board’s (URB’s) regular-called meeting on April 21, 2025 DISCUSSION ITEMS 2. Discussion related to updates on future development of Blocks 16 & 18 from Pleasant Hill Collaborative and Rally Austin, including project status and anticipated timeline (Sean Garretson and Garrett Scharton, Pleasant Hill Collaborative; Lex Miller, Rally Austin) DISCUSSION AND ACTION ITEMS 3. Discussion and consideration for approval of a proposed non-binding Underwriter Letter of Intent received from J.P. Morgan for potential issuance of future bonds to support the mission of the Urban Renewal Board. EXECUTIVE SESSION 4. 5. Discuss legal matters related to the purchase, exchange, lease, or value of an interest in Blocks 16 and 18 located on East 11th Street in Austin (Private consultation with legal counsel - Section 551.071 of the Texas Government Code) Discuss …
DRAFT MINUTES URBAN RENEWAL BOARD April 21, 2025, 6:00 P.M. STREET JONES BUILDING, ROOM 400A 1000 EAST 11TH ST, AUSTIN, TEXAS 78702 CURRENT BOARD MEMBERS/COMMISSIONERS: Manuel Escobar, Chair Darrell W, Pierce, Vice Chair Amit Motwani Byron Davis Jacqueline Watson Kobla Tetey Tam Hawkins Board Members/Commissioners in Attendance: Chair Manuel Escobar, Commissioners Byron Davis, Kobla Tetey, and Amit Motwani, and Vice Chair Darrell W. Pierce attended remotely. Board Members/Commissioners in Attendance Remotely: Vice Chair Pierce attended remotely. Board Members Absent/off the dais at call to order: Commissioner Watson and Commissioner Tam Hawkins were absent. CALL TO ORDER Chair Escobar, called the meeting to order at 6:15 p.m. with five members present. PUBLIC COMMUNICATION: GENERAL The first 10 speakers who registered to speak no later than noon the day before the meeting, if speaking virtually, or who signed up prior to the meeting being called to order if speaking in person, will each be allowed a three-minute allotment to address their concerns regarding items not posted on the agenda. Eric Standridge addressed the board regarding the URB meeting recordings' inaudibility and meeting location. Sean Garretson addressed the board on item three. 1 of 3 APPROVAL OF MINUTES 1. Approve the minutes of the Urban Renewal Board’s (URB’s) regular-called meeting on March 24, 2025 On Commissioner Tetey’s motion, seconded by Commissioner Motwani’s, the minutes from March 24, 2025, were approved with a vote of 5-0-0. DISCUSSION ITEMS 2. 3. Discussion related to the Urban Renewal Plan amendment process (Hunter Maples, Housing Department) Hunter Maples from the City of Austin Housing Department provided the update. Discussion related to updates on future development of Blocks 16 & 18 from Rally Austin and Pleasant Hill Collaborative, including project status and anticipated timeline (Lex Miller, Rally Austin, Jen Boss, Hayat Brown, Sean Garretson and Garrett Scharton, Pleasant Hill Collaborative) Anne Gatling Haynes, Rally Austin, gave the update. Sean Garretson, Pleasant Hill Collaborative, addressed the board. DISCUSSION AND ACTION ITEMS EXECUTIVE SESSION Chair Escobar recessed the regular meeting and called the Executive Session to order at 6:34 p.m. 4. 5. Discuss legal matters related to the purchase, exchange, lease, or value of an interest in Blocks 16 and 18 located on East 11th Street in Austin (Private consultation with legal counsel - Section 551.071 of the Texas Government Code) Discuss real estate matters related to the purchase, exchange, lease, or value of an interest in Blocks 16 and …
Underwriter Letter of Intent May 13, 2025 The Urban Renewal Agency of Austin, TX (“URA” or the “Issuer”) is aware of the “Municipal Advisor Rule” of the Securities and Exchange Commission (effective July 1, 2014) and the underwriter exclusion from the definition of “municipal advisor” for a firm serving as an underwriter for a particular issuance of municipal securities. URA hereby designates J.P. Morgan as an underwriter for certain bonds to finance workforce housing in Austin, Texas expected to be issued in 2025 or 2026 in one or more series to be designated prior to issuance (the “Bonds”). URA expects that J.P. Morgan will provide advice on the structure, timing, terms, and other matters concerning the Bonds. It is the intent of URA that J.P. Morgan serve as an underwriter for the bonds described above, subject to satisfying applicable procurement laws or policies, formal approval by the issuer chosen by URA, finalizing the structure of the bonds and executing a bond purchase agreement. While URA presently engages J.P. Morgan as the underwriter for the bonds, this engagement letter is preliminary, nonbinding and may be terminated at any time by URA, without penalty or liability for any costs incurred by the underwriter, or J.P. Morgan. Furthermore, this engagement letter does not restrict the URA from entering into the proposed municipal securities transaction with any other underwriters or selecting an underwriting syndicate that does not include J.P. Morgan. ________________ _ By: Jeffrey Gertz, Executive Director J.P. Morgan Securities LLC 10 S. Dearborn, Floor 7 Chicago, IL 60603 By: ____________________________ Its: ____________________________ City of Austin, TX Urban Renewal Agency 1 Disclosures Pursuant to MSRB Rule G-17 I. Disclosures Concerning the Underwriter’s Role: (i) MSRB Rule G-17 requires an underwriter to deal fairly at all times with both municipal issuers and investors. (ii) An underwriter’s primary role is to purchase the Bonds with a view to distribution in an arm’s- length commercial transaction with the Issuer. An underwriter has financial and other interests that differ from those of the Issuer. (iii) Unlike a municipal advisor, an underwriter does not have a fiduciary duty to the Issuer under the federal securities laws and is, therefore, not required by federal law to act in the best interests of the Issuer without regard to its own financial or other interests. (iv) An underwriter has a duty to purchase the Bonds from the Issuer at a fair and …
