Title
Approving an agreement with Winstead PC to engage in special legal services for the Downtown East Project, and authorizing the City Manager to execute the same.
Summary
Since City Council's selection of the master developer for the Downtown East project on January 10, 2023, staff is working with the development team on the Public Private Partnership (P3) agreements required for the successful implementation of this type of partnership. Staff is recommending engaging in special legal services with the firm of Winstead PC for this effort. Winstead PC is a nationwide firm specializing in P3 developments and have offices in Austin. They have advised on several P3 projects in the central Texas region including the Travis County Courthouse Complex and mixed use development and the University of Texas multi-purpose arena.
Expenditures supporting the Downtown East project were not included in the adopted budget for Fiscal Year 2023 (FY23). Expansion of the TIRZ was approved by City Council in the Fall of 2022 to include the area where Downtown East will be developed. Legal services are allowable administrative costs for TIRZ reimbursement, but would require a budget amendment for FY23.
Deadline for City Council Action
Action is requested on January 24, 2023.
Funding Expected: Revenue __ Expenditure _X_ N/A __
Budgeted Item: Yes __ No _X_ N/A __ See summary information
Amount: TBD
1295 Form Required? Yes __ No __
Legal Review Required: N/A __ Required _X_ Date Completed: pending
Supporting documents attached:
Scope of services
Recommended Action
Motion to approve as presented.