Villa Muse puts final nail in city of Austin negotiations - Atlanta Business Chronicle:

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The Villa Muse project is planned to holdproduction facilities, film studiow and homes. The project's executives had requested a temporaryt release ofabout 2,000 acres from the city of Austin' extra territorial jurisdiction. "Within the structure of building outsidethe ETJ, our investorz would be able to have the assurances of bein repaid their investment," says Jerry Converse, Villa Muse's attorney at Fulbright & Jaworski LLP. "Theyt would have traditional and standard vehicles by whichg todo that. The city of Austin rejected thatproposapl [and] made an alternate proposaol to Villa Muse that injected risk into it that was unacceptablwe to our client.
The Villas Muse investors simply have to have some reliabilityt inbeing repaid." Gary Kimball, a locap senior vice president with investment banking company Firsyt Southwest Co., says Austin's proposal for the project to use a public infrastructure district wouldn't have increased the cost of buildingh Villa Muse but woulc have meant a 25 percent higher tax on its futured residents. Converse says he doesn't know if Villaa Muse is giving up its optionm on the East Austin landit had.
Neither Converse nor Kimbal l would speak to where else Vill Muse officialsare looking, but reiterated Villa Muse CEO Jay Podolnick'd message that the project is committed to breakinb ground somewhere in Texas this year.