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Luxury real estate to get special tax status under ‘blight’ statute
The South Central Waterfront plan will guide redevelopment of the area's 32 private parcels, the largest of which is the Austin American-Statesman building. (Endeavor)

The Austin City Council took steps Monday to create a special tax zone to subsidize infrastructure development in a 118-acre area along Lady Bird Lake known as the South Central Waterfront.

Plans for the zone call for the creation of amenities including a waterfront boardwalk, streetside rain gardens, commercial plazas, sculptures, amphitheater, and a disc golf course, as well as sidewalks, trails, and a revamped street network, at a cost of $277 million.

A proportion of property taxes collected in the district would go to fund just those improvements, rather than the general fund. A draft ordinance posted with Monday’s council agenda put the proportion at 46 percent, though the council delayed a final decision on the exact increment.

Read the full story at The Austin Bulldog.

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