As the official announcement was being made at the Bond Buyer conference in Los Angeles, Mayor Adler announced that the Mayor’s office had submitted one of five winning applications in the Neighborly Bonds Challenge, which called on innovative public agencies interested in offering their communities the opportunity to invest directly in local projects. Winning will allow the Mayor’s office to collaborate with Neighborly to establish a $10-million minibond to purchase and preserve iconic music venues, fulfilling one of the objectives the Mayor identified in the Music & Creative Ecosystem Omnibus Resolution introduced last February.

“I am excited about the possibilities that winning the Neighborly Bonds Challenge offers us. This is not a taxpayer bailout. Instead, this provides our community a way out of a problem that has hurt us deeply for generations. We have already lost clubs we will never get back, such as the Armadillo World Headquarters and Liberty Lunch, places where the Austin became the city we love today. We cannot lose these music venues without losing something that is vital to our identity and to our soul. Austin won’t be the Live Music Capital of the World if we keep losing music venues. Now, thanks to Neighborly, we have a way to do something about it,” said Mayor Adler, who envisions using Neighborly’s expertise, skill, and technology to crowdsource a $10 million investment vehicle that can create permanent affordability for music venues. “This is a creative solution for the creative class.” Continue reading →