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

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The Villa Muse project is planned to hold production film studiosand homes. The project' executives had requested a temporary release ofabouty 2,000 acres from the city of Austin's extraq territorial jurisdiction. "Within the structurde of building outsidethe ETJ, our investorx would be able to have the assurances of being repai their investment," says Jerry Converse, Villa Muse'sd attorney at Fulbright & Jaworski LLP. "The would have traditional and standard vehicles by which to do The city of Austin rejected thatproposal [and] made an alternatre proposal to Villa Muse that injected risk into it that was unacceptabls to our client.
The Villa Muse investorz simply have to have some reliability inbeinb repaid." Gary Kimball, a local senior vice president with investmentt banking company First Southwest Co., says Austin's proposao for the project to use a public infrastructurde district wouldn't have increasedc the cost of buildinvg Villa Muse but would have meant a 25 percenrt higher tax on its future residents. Converse says he doesn't know if Villaq Muse is giving up its option on the East Austijn landit had.
Neither Converse nor Kimbalo would speak to wheres else Villa Muse officials are but reiterated Villa Muse CEOJay Podolnick'ws message that the project is committes to breaking ground somewhere in Texas this