Iconic Austin music venues will be purchased and preserved through a city trust, which Mayor Steve Adler’s office announced today has been made possible after the city won a national contest.
The city was among five public entities announced today as winners of the Neighborly Bonds Challenge. Winning the contest provides the city with legal, administrative, marketing and other support services for free or at reduced rates. These services would have cost $100,000.
“This is going to give us an opportunity to try something that really has never been tried anywhere else,” Adler said. “This is going to give us the support we need to try to crowdsource in our community a $10 million fund to … help preserve some of our music venues.”