AUSTIN, TX—While numerous employers are moving to Austin, many cite the lack of public transit here. However, with the recently passed Proposition A, the city can now legitimately check this box to address access/congestion concerns for future office location selection.
Proposition A approves the maintenance and operations portion of the city's property tax rate, dedicates 8.75 cents toward the implementation of a high-capacity transit system, Project Connect, and ensures the initial investment will be completed.
Federal funding is anticipated to provide approximately 45% of the program's estimated $7.1 billion capital cost. The property tax revenue would provide funding for the rest of the capital cost plus operations and maintenance of the transit system once built. The initial investment also includes $300 million for transit-supportive anti-displacement housing strategies.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
