That agreement will govern the development agreement, which will govern the redevelopment of the 709-acre airport site in East Austin into homes, businesses and parks. Pam Hefner, a city staff member working on the redevelopment project, says the preliminary agreement should be signed soon. The development agreement could take as many as 18 months to be finalized, she says.
The development agreement will set the details of the project, according to Hefner. Those include what parts of the property would leased or sold, what zoning would be changed and the phasing of the project's steps.
While the city has adopted a plan for the redevelopment, it is likely to be changed according to market and other needs. Any changes would have to be approved by the city council.
The airport was decommissioned in 1999 when Austin-Bergstrom International Airport opened. The 20-year, $100-million redevelopment calls for 4,000 residences and five million sf of commercial space.
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