On November 3, 2022, City Council held a public hearing and approved an ordinance authorizing the creation of Tax Increment Reinvestment Zone (TIRZ) No. 20 as key component of the Colony Park Sustainable Community project funding strategy. A TIRZ is a financing tool enabled by Texas Tax Code to encourage economic development within a defined geographic area or zone. A TIRZ for Colony Park would provide a means of financing the costs of public works, public improvements, programs, and other projects benefiting the zone. Follow this link to download the Colony Park Sustainable Community Preliminary Project and Financing Plan.
Exclusive Negotiating Agreement (ENA)
Review the executed Exclusive Negotiating Agreement and Amendment No. 1 between City of Austin and Catellus for predevelopment services related to the negotiation of a Master Development Agreement for the Colony Park Sustainable Community.
Colony Park ENA Phase 1 Report - Catellus Development Corporation, in partnership with the City of Austin Economic Development Department, authored a report of observations and recommendations as a deliverable during the Exclusive Negotiating Agreement (ENA) period. The ENA period allows for due diligence and negotiations of the Master Development Agreement (MDA). This report recommends further due diligence and refinements that will be needed before moving forward with entitlement, zoning and site plan changes.