With a vote of 6-1, the Austin City Council approved a possible 56-year deal to share its property tax revenue with the Lone Star Rail District in hopes of building a commuter line between Georgetown and San Antonio, Texas.
The money would go into a city-controlled escrow account and be available to the district in the case of difficult “viable measures.”
The city and the district must still agree on the percentage of property tax growth that will be allocated to the rail project. Property taxes will not be directed to the district until this agreement takes place.
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