Austin Real Estate Council endorses urban rail

Jul 28, 2014
Austin Business Journal

Joining the Greater Austin Chamber of Commerce, the Real Estate Council of Austin has conditionally endorsed the City Council's plan for a 9.5-mile urban rail line from the old Highland Mall to East Riverside Drive

The Real Estate Council's support of the project is contingent upon the city spending at least 40 percent of the bond money on road improvements and not spending any money at all until the city receives Federal Transit Administration funds that would cover up to half of the cost of the $1.4 billion rail line

Those conditions are essentially already written into Austin City Council's proposed rail plan, which calls for $600 million to be spent on rail, and $400 million to be spent on road improvements along the rail corridor

In early August, Austin City Council will vote to decide if the bonds necessary to fund the city's $1 billion portion of the rail and road plan should be combined into one omnibus transportation bond referendum for city residents to consider in the upcoming November election

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