Texas City Panel Postpones Taxes For 600-Acre RE Project

Law360, New York (June 21, 2013, 5:36 PM EDT) -- The private equity owners of a massive mixed-use project proposed for Texas secured a multiyear reprieve on certain taxes when the city of Austin finalized approvals Thursday that postpone a full annexation of the project's 600 acres of land.

With no discussion, the city council unanimously approved, on second and third readings, an annexation and development agreement, as well as various zoning changes for the project to move forward. Under the agreement with an affiliate of Dallas-based real estate investor Stratford Land, the city has agreed...
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