June 21, 1999

SUBJECT: Board Resolution to Waive Sixty-Day Notice for the Creation of Reinvestment Zone by the City of Austin

RECOMMENDATION
That the Board at its next meeting on July 5, 1999 adopt the resolution approving a waiver of the sixty-day notice from the City of Austin to create a tax increment reinvestment zone and appoint Dilip Anketell to serve as ACC’s representative to meet with the City in order to discuss Reinvestment Zone One’s preliminary project plan and reinvestment zone financing plan.

RELATED BOARD POLICY OR PLANNING PRIORITY
This item is consistent with Board Policy E-1 (Master Planning).

RATIONALE
The City of Austin proposes to create a reinvestment zone (Reinvestment Zone Number One) to obtain financing and undertake the redevelopment of an area (see attached) in downtown Austin to accommodate Computer Systems Corporation (CSC), governmental, and other needs in a mixed-use, tax increment-financed project.

Per initial City of Austin estimates, ACC will receive approximately $75,000 in tax revenue each year.

BUDGETARY CONSIDERATION
None

RESOURCE PERSONNEL
Dilip Anketell, Associate Vice President, Facilities & Operations

Respectfully Submitted By:
Stephen B. Kinslow, Executive Vice President
Campus Operations, Student Affairs, and School Relations

Richard Fonte, President