On Nov. 4, 2014, voters will consider a $600 million bond proposition to fund the first line of Urban Rail.
If approved, the City commits to providing not less than $400 million to fund roadway improvement projects, such as improvements to I-35 and SH 71, designed to relieve congestion, enhance mobility and manage traffic. Additionally, for the bonds to be issued, the City would also need to obtain one or more commitments for grant or match funding from the Federal Transit Administration or other federal or state sources for the cost of the Urban Rail line.
The first line of Urban Rail is expected to be 9.5 miles long, servicing the East Riverside Corridor, downtown Austin, State Capitol complex, the medical school complex, the University of Texas, Hancock Center and Austin Community College Highland campus and surrounding neighborhoods.
Operations and maintenance of the Urban Rail line would be managed and funded through a cooperative agreement between the City and Capital Metro.
The roadway improvement projects that would be funded include I-35, US 183, SH 71, RM 620, RM 1826, RM 2222, FM 734 (Parmer), Lamar Boulevard and Loop 360. More information about the roadway improvement projects that would be funded can be found in the 2014 Austin Strategic Mobility Plan.
The City has launched a website for the 2014 City of Austin Bond Election, www.austintexas.gov/2014bond, and will be adding more information in the next few weeks. The site will have additional details about what the proposition would fund, if approved, as well as the tax rate impact.