Council gets update on possible Bull Creek parcel purchase

Oct 14, 2014
Austin Business Journal

Austin City Council will get an update on Tuesday regarding efforts to buy a prime parcel of state land in Central Austin, reports the Austin Monitor

And already, costs have grown. According to the report, the cost to purchase the 75-acre tract near Bull Creek has grown by $3 million, up from $28.9 million to $31.9 million, for repairs and legal expenses

The purchase of the tract was a late-addition to the most recent city budget planning process. The potential purchase, pushed for by a coalition of nonprofits, neighborhood associations and affordable housing advocates, moved forward with only Mayor Lee Leffingwell opposing the move

Funding remains the big question mark hovering over the whole deal. As the Austin Monitor notes, before the purchase can be made, city officials need to find a way to fund the acqusition

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