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, g

Staff Report & Agenda Item Details

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.