Texas Senate Bill 1771, which sought to collect property taxes on the future Austin FC stadium, which will be owned by the city of Austin, is no longer a threat to the stadium.
The bill’s author, Sen. Paul Bettencourt (R-Houston), amended the bill to grandfather in the city’s pre-existing deal with Precourt Sports Ventures.
Bettencourt stated at a meeting of the Texas Senate’s Property Tax Committee, “It will grandfather in everyone that has an existing… deal in place prior to Sept. 1, 2019.”
The city of Austin and Precourt Sports Ventures agreed to their deal together last year.
Under the deal, Precourt Sports Ventures will finance the stadium, and the city will remain the owner of the McKalla Place area and the stadium, which it will lease to Precourt Sports Ventures.
The groundbreaking for the stadium is scheduled for September of this year and Austin Commercial will build the stadium.