Item 2 Passedunofficial
Approve a resolution authorizing the defeasance of certain outstanding 2025 General Obligation Public Improvement and Refunding Bonds in an amount not to exceed $5,000,000, including authorizing the negotiation and execution of an escrow agreement with U.S. Bank Trust Company, National Association, and related documents, in accordance with the Master Development Agreement with Greystar Development Central, LLC or its affiliates and the Housing Authority of the City of Austin or its affiliates, governing the sales, development, construction, ground lease, and lease of a mixed-use development on City-owned parcels located at 800 E. St. Johns Avenue, Austin, Texas 78752, (formerly 7309 and 7211 North IH-35), known as the St. John Properties. Funding: This item has no fiscal impact. Funding for the defeasance will be an upfront payment from a private developer partner, Greystar Development Central, LLC or its affiliates, as part of public-private partnership redevelopment of the St. John Properties. Related to Items #3 and #4.
The Council is being asked to OK the early payoff (called "defeasance") of up to $5 million in 2025 city bonds, with the money coming as an upfront payment from private developer Greystar rather than from city coffers. It's a behind-the-scenes financial step tied to the bigger public-private redevelopment of the City-owned St. John Properties at 800 E. St. Johns Avenue, a planned mixed-use project on the old North IH-35 parcels. The item is listed with no fiscal impact to the City and works alongside related Items #3 and #4.
"without objection, the consent agenda is adopted" — meeting transcript (unofficial)
What got said
- Zenobia Joseph raised concerns about the St. John defeasance and affordability components
- Mayor pro tem Vela celebrated St. John redevelopment finally moving forward