THE REAL ESTATE COUNCIL OF AUSTIN, INC.
BOARD OF DIRECTORS RESOLUTION
IN SUPPORT OF AN INTERLOCAL AGREEMENT BETWEEN
THE CITY OF AUSTIN AND TRAVIS COUNTY TO CONSTRUCT
THE WALLER CREEK TUNNEL AND RELATED IMPROVEMENTS
WHEREAS, The Real Estate Council of Austin, Inc. is committed to improving
the quality of life for all Central Texans; and
WHEREAS, in 1998, a clear majority of Austin citizens approved $25,000,000 of bond funding for construction of improvements to Waller Creek; and
WHEREAS, the construction of the proposed Waller Creek tunnel and related improvements will promote flood control in the area; and
WHEREAS, area water quality will improve through the reduction of non-point source pollution of Town Lake; and
WHEREAS, pedestrian and bicycle mobility options will increase through the proposed addition to the City of Austin's existing trail system by linking the University of Texas, Downtown, and Town Lake; and
WHEREAS, the redevelopment of the adjacent properties will provide the opportunity for private sector investment and economic development while increasing the property tax base for the City of Austin, Travis County, Austin Independent School District, and Austin Community College; and
WHEREAS, an economic analysis update report submitted to the city of Austin on July 28, 2003 has identified a source of funds for completion of the improvements that does not require the use of General Funds; and
WHEREAS, it is necessary and prudent for the public
sector to make investments in the central core of Austin to preserve
its
viability
and competitive
status with outlying areas.
NOW, THERFORE, BE IT RESOLVED, that the Real Estate Council
of Austin supports an interlocal agreement with participation
by
the City of
Austin and Travis County to complete the twenty-two foot
Waller Creek tunnel
with intervening drainage facilities at a projected cost
of $68,279,000.
Adopted on this 17th day of September, 2003, by the Real
Estate Council of Austin, Inc.
Timothy C. Taylor
President, Board of Directors
The Real Estate Council of Austin, Inc.
The
Real Estate Council of Austin, Inc.
98 San Jacinto Boulevard, Suite 510
Austin,
TX 78701
512/320-4151 FAX 512 320-4152