BG Reads | News You Need to Know (August 18, 2022)
[BG PODCAST]
Episode 161: The passage of the CHIPS and Science Act w/Ed Latson, CEO, Austin Regional Manufacturers Association
Today's episode (161) features Ed Latson, CEO, Austin Regional Manufacturers Association.
Ed and Bingham Group CEO A.J. discuss the recent of the CHIPs and Science Act, and the economic implications for Central Texas.
The bipartisan bill includes more than $50 billion in incentives for manufacturers of semiconductors, or chips, to build domestic semiconductor plants.-> EPISODE LINK
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[HEARINGS]
[AUSTIN METRO]
Travis County commissioners discuss wage increases, homelessness outreach deputy during preliminary FY 2022-23 budget (Community Impact)
On August 17, Travis County commissioners began the monthlong budget review process ahead of a September vote.
Over the next several weeks, commissioners will hear proposals from county departments for the preliminary budget, which has a total estimate of $1.52 billion, over $75 million more than last year's budget. The tax rate is set to be approved Sept. 20, and the budget will be approved Sept. 27.
Workforce compensation remains one of the top budget priorities for commissioners as the county struggles to retain employees. Commissioners proposed raising the minimum wage from $15 to $18-$20 an hour and applying a 4%-5% total wage increase across the board for county employees.
Commissioner Jeff Travillion said the county is particularly losing law enforcement employees to the city of Austin and nearby counties… (LINK TO FULL STORY)
Landmark commission gives green light to five-story makeover for West Sixth (Austin Monitor)
After hurtling successfully through the Historic Landmark Commission earlier this month, investment firm Riverside Resources is one step closer to carrying out a project that would transform 2 acres of restaurant and retail space on West Sixth Street into a five-story commercial and residential development.
The project previously known as Clarksvillage – the name is pending change following preservationists’ criticisms – involves significant alterations to two contributing buildings in the Castle Hill Local Historic and West Line National Register districts, thus requiring the commission’s blessing. Despite some calls to postpone for further tweaking, commissioners ultimately approved the plan in a 6-3 vote, with commissioners Kevin Koch, Caroline Wright, and Beth Valenzuela in opposition.
Rumblings of the project first surfaced back in July, when the development team first shared plans for the block with the Historic Landmark Commission’s Architectural Review Committee. Switzerland-based architecture firm Herzog & de Meuron says it aims to maintain the “rhythm” of West Sixth’s current silhouette, using setbacks to soften the jump in scale and taking aesthetic cues from existing facades to inform its design… (LINK TO FULL STORY)
Average apartment rents in the Austin area have hit an all-time high (KVUE)
Average apartment rents for the Austin area have hit an all-time high, an expert told KVUE's media partners at the Austin American-Statesman.
Charles Heimsath has been tracking conditions in the area's real estate market since the early 1990s. He told the Statesman that between December and June, average rents jumped by their largest percentage ever in the time he's been tracking the market.
Heimsath said apartment rents in the area – which spans from Georgetown to San Marcos – increased, on average, 11.6% from December to June. He told the Statesman that he expected to see a slow down during the first half of the year, but that didn't happen.
"Rents continue to rise with no relief in sight," Heimsath said.
The Statesman reports that in June, the average rent for all apartment unit sizes combined was $1,702 – up 20.5% from $1,412 in June 2021.
A one-bedroom, one-bathroom unit averaged $1,529 a month, up 22.3% from $1,250 a month in June 2021, according to the Statesman. Rents for two-bedroom, two-bathroom units rose 21.2%, to $1,886 on average in June compared with $1,556 in June 2021. And for a three-bedroom, two-bathroom unit, rents averaged $1,915 a month, up from $1,611, for an 18.9% increase… (LINK TO FULL STORY)
What decades in multicultural media taught new Austin PBS leader Luis Patiño (Austin Business Journal)
He became CEO of Austin PBS in March. It was a way for the Southern California native to return to Texas, which he and his family fell in love with while Patiño worked for Univision.
He takes over at a pivotal time for Austin PBS, known by many by its station identification, KLRU. The nonprofit is settling into new digs at Austin Community College's Highland Campus and Patiño is ready to lead it into a new era of journalism and programming.
Nearly a decade ago, Patiño had risen to regional senior vice president for Univision in the Austin and San Antonio markets. In 2014, he got the chance to lead what he called the "mothership" of the Univision network: the Los Angeles station.
He enjoyed being back in California, but the Patiños knew they wanted to return to Austin at some point. However, Luis Patiño knew he needed to find a job with a similarly mission-driven organization.
"I didn't want to just work for another media company," he said. "I wanted to work for a media company where I was going to be able to wake up every morning knowing that there was a significant mission in mind, that it was a purpose-driven organization."… (LINK TO FULL STORY)
[TEXAS]
Dallas council mulls $1 billion bond package, including $150 million to foster housing (Dallas Morning News)
Dallas voters could be asked to approve a new bond program for the fourth time in less than two decades to pay for better streets and city infrastructure. City officials presented a draft plan to City Council members Wednesday to get voters in May 2024 to greenlight a $1 billion program, including setting aside $150 million to improve roads and storm drainage in underserved areas in the hopes it’ll attract more affordable housing developers. The proposal was panned by several council members who noted no money would be devoted toward building more homes, no cash would address neighborhood environmental harms or climate change, and that around $85 million would be focused on fixing existing city buildings with repairs that should be paid for through the general fund. The city also still has projects waiting for bond dollars that voters approved in 2017, 2012 and 2006. The latest program was for $1.05 billion and the city has earmarked around $870 million for projects as of the end of June.
“I don’t feel like we’re moving the needle here,” said council member Adam Bazaldua, who called the proposal “underwhelming.” “I feel like we’re just adding more of the same,” he said. Despite the fact that voters have authorized the sale of up to $3 billion in bonds since 2006, largely for street and transportation improvements, the city still has large funding needs. Decades of neglect and disinvestment in southern Dallas have left several neighborhoods lagging behind their northern counterparts, with some not even connected to the city’s water and wastewater system. The city is also facing problems with affordable housing for low-income residents, a growing homeless population and poor transportation infrastructure. Dallas has more than 2,000 miles of missing or broken sidewalks and city officials estimated last year that it would cost $2 billion to repair half that amount. The city also needs $54 million to build curb ramps in sidewalks to be in compliance with the Americans with Disabilities Act. Council members last year voted against asking voters to approve a hastily proposed $300 million bond solely for street and traffic signal improvements… (LINK TO FULL STORY)
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