Austin's City Council faces tough financial decisions regarding an ambitious plan to build parks and public spaces over I-35. A financial forecast warns that the proposed 'caps' will not generate enough revenue to sustain themselves. The forecast highlights potential financial pitfalls, including a significant increase in per capita debt that could risk the city's credit rating. Furthermore, the council must decide on funding for necessary roadway elements for the caps. Despite potential quality of life benefits, the financial implications remain daunting, with costs anticipated to reach hundreds of millions.
The proposed decks over I-35, known as 'caps', will not generate enough revenue or economic activity to pay for themselves, according to a financial forecast.
City officials warn that borrowing heavily for the caps could lead to unprecedented debt levels, risking a credit downgrade that would increase borrowing costs.
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