Capital Metro’s board and the Austin City Council both gave unanimous approval Wednesday to a $9.8 billion transit plan that would build three light rail lines throughout Austin.
The plan, called Project Connect, likely will be put to voters this November in the form of a tax rate election. To finance the light rail lines, a new commuter rail line and a myriad of other improvements, officials estimated the city’s tax rate would need an 11-cent increase.
That amounts to a 25% increase to the city’s portion of property tax bills, or about a $360 increase to the tax bill of the median homeowner.
“We have what I think is a transformational plan,” CapMetro board Chairman Wade Cooper said. “If you think about being able to step off an airplane and be at the Republic Square (park in downtown) in 20 minutes, it really opens up the whole city.”