Just got back from the ground breaking ceremony for Downtown Austin’s Waller Creek Tunnel project. Not long ago Austin City Council officially adopted the Waller Creek District Master Plan (link). This groundbreaking is milestone in downtown Austin’s revitalization. The tunnel is expected to be completed in 2014, at which point 28 acres of downtown land will have been removed from the 100 year flood plain. The tunnel will facilitate billions of dollars of investment over the next decade, yielding more housing and recreation space for our city.
If it’s being subsidized through a TIF boundary that includes the music venues, doesn’t that mean the increased taxes these venues are paying is being used to undermine their ability to retain ownership or lease on their property as the property value skyrockets?
Seems like this is inevitably going to lead to a condo filled Red River district. Maybe Mohawk will be in the first two floors of some future W Hotel on Red River.
I have to ask who is paying for this? Is it the taxpayers only?
I brought up this subject to a friend and she opined the most equitable way to do it would be with a TIF (Tax Increment Financing) package. I think she is right and anything else will be a “gift,” aka corporate welfare, to the landowners along that creek.
Greg, it is fully subsidized through a TIF district.
Waller Creek TIF boundaries.
http://www.ci.austin.tx.us/wallercreek/downloads/wc_tif_boundaries.pdf
This tunnel is going to be a huge boon for downtown, which is great. I remember the last big flood on Waller Creek. The next day I was walking down Red River with a friend, and there were giant piles of debris in Symphony Square (granted, there was debris all over, but it was especially bad at Symphony Square).
Then again, I know there are a lot of concerns about how this will affect the nightlife/music venues on Red River. That the denser development will drive up property values and rents, killing what has become pretty much the best part of town to see live music. I’m not sure how well-founded those fears are, but it would be a real loss if the excellent scene that’s been growing on Red River since around 2002.
Ideally, this will lead to development more East of Red River (maybe even make is so that Sabine becomes a street people actually know about) and not cause any music venues to get demolished for a condo tower. (Except maybe Red Eye’d Fly, those guys are asses.)
woo hoo!