AUSTIN, Texas — Oracle could end up buying nine acres of City-owned parkland next to its headquarters campus as part of a land swap with the City of Austin, according to a report from KVUE's media partners at the Austin American-Statesman.
The Statesman reports that Austin voters will be asked in November to consider the deal, which could result in the City getting 48 acres farther down the Colorado River. That private land is currently home to a racetrack the City has been eyeing for years, according to the Statesman.
The deal is complex, but the Statesman breaks it down like this: If voters approve Proposition B, Oracle would buy the 48 acres from Driveway Austin Motorsports. Then Oracle would donate that land to the City. In return, it would receive the land at 2525 S. Lakeshore Drive. That site near Riverside Drive in East Austin is currently used as a City maintenance facility.
According to the Statesman, the deal between the City and Oracle is contingent on the value of Oracle's bid equalling or surpassing the appraised fair market value of the property the City would be giving up.
Oracle would also be required to pay for the construction of a maintenance facility on existing parkland to replace the facility on the Lakeshore site and provide partial or full funding for the removal of a second maintenance facility at Fiesta Gardens, the Statesman reports.
The land that the City wishes to acquire, located on Delwau Lane in East Austin, butts up on three sides to the Austin Parks Department's Colorado Walnut greenbelt, according to the Statesman. To the east, the greenbelt butts up to another piece of City parkland, the yet-to-be-developed John Trevino Jr. Metro Park.
"By acquiring the racetrack property, the city could expand its recreational footprint in East Austin and control three contiguous parkland areas along the Colorado River," the Statesman reports.
Voter approval of Proposition B would not finalize the deal but would open up a public bidding process for Oracle to submit a proposal. The bid would then need the approval of the city council.
Statesman subscribers can read the full report here.
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