"Rally Austin has identified $259 million in projects and initiatives to be funded through the city's 2026 bond election, with plans to expand programs supporting cultural venues, legacy businesses and affordable workspace. There appears little chance that total amount of funding will be included in the final bond package, which is expected to top out at just under $700 million. But the proposal serves as a roadmap for the organization's evolving role in economic development for the years ahead."
"According to the proposal, the largest portion - $135 million - would support the expansion of the Austin Cultural Trust. That money would enable the acquisition of up to 10 cultural venues, fund capital improvements to existing facilities and provide rental subsidies or technical assistance for as many as 20 local arts organizations. Rally Austin could also build on its existing cultural investments, including projects with Hole in the Wall and the Millennium Youth Entertainment Complex."
"Another $45 million is proposed for a new "Legacy Business and Commercial Trust" to acquire properties, offer low-interest improvement loans and provide financial and advisory support to up to 100 legacy businesses across Austin that are seen as economically threatened. A third component, the $79 million "Affordable Workspace and Workforce Initiative," would target the development of live/work housing and creative workspace. This could include acquisition of three to five sites and gap funding for 50 to 100 affordable units."
Rally Austin identified $259 million in projects and initiatives proposed for funding through the city's 2026 bond election, targeting cultural venues, legacy businesses, and affordable workspace. The full $259 million likely will not be included in the final bond package, which is expected to top out just under $700 million. Rally Austin seeks involvement with dormant city-owned sites such as HealthSouth, the former police headquarters, and the historic municipal building. The largest allocation of $135 million would expand the Austin Cultural Trust; $45 million would create a Legacy Business and Commercial Trust; $79 million would fund an Affordable Workspace and Workforce Initiative. Projected combined economic impact ranges from $1.12 billion to $1.7 billion, based on anticipated private and philanthropic leverage, while final allocations remain pending.
#2026-bond-election #cultural-funding #legacy-business-preservation #affordable-workspace-and-housing
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