Economic Development Corporations (EDCs) play a vital role in shaping thriving communities, but many people wonder what exactly we do. Think of an EDC as your community’s economic architect – we design and build pathways for growth that benefit everyone.
At its core, an EDC serves as a bridge between public resources and private investment. We work alongside city governments, local businesses, and community partners to transform underutilized spaces into vibrant destinations. Whether it’s revitalizing an old warehouse district into a cultural hub or helping small businesses access crucial funding, EDCs make things happen.
Rally Austin exemplifies this approach as Austin’s first multi-purpose local government corporation. Created by Austin City Council in October 2020 after community request, we’re designed to be:
Our toolkit includes specialized financing options, property development expertise, and the ability to forge powerful partnerships. We can issue bonds, access tax incentives, and leverage grants in ways that traditional developers or government agencies cannot. This unique position allows us to take on projects that might otherwise fall through the cracks.
Rally Austin’s approach centers on three critical focus areas:
Preserving and expanding Austin’s creative spaces through our Cultural Trust, which has already dedicated $17.6M to six projects valued at $37.5M, securing 86,000 square feet of affordable creative and cultural space.
Developing mixed-use projects that provide affordable housing, cultural anchors, and small business opportunities – like our work on Blocks 16 & 18 in East Austin’s African American Cultural Heritage District.
Moving large-scale, multi-million-dollar infrastructure projects that serve as flexible bridges between public, private, and community interests.
What truly sets EDCs apart is our commitment to community benefit. While private developers focus primarily on financial returns, we measure success differently. Our projects must generate lasting positive impacts – whether that’s creating affordable housing, preserving cultural spaces, or supporting local entrepreneurs.
Rally Austin’s impact demonstrates this approach in action:
EDCs nationwide have helped transform communities through innovative financing and community-focused development. Our bond proposal research shows peer cities achieving remarkable results:
Chicago (2024): $1.25B bond package supporting small business, workforce development, and cultural infrastructure with no tax impact through strategic use of tax-exempt and taxable bonds.
Dallas (2024): $1.25B package including $75.2M for cultural and performing arts facilities, demonstrating how EDCs can preserve and expand creative spaces.
Philadelphia (2020): $400M in bond activities for affordable housing, small business support, and inclusive workforce initiatives, with their development corporation (PIDC) recognized as one of the world’s most innovative companies.
These successes show how EDCs can turn bold visions into reality while ensuring development serves everyone.
Our approach combines the best practices from successful EDCs nationwide with Austin’s unique community needs. We leverage public and private partnerships to solve problems that neither sector could address alone, moving at the speed of business while maintaining public accountability.
Rally Austin operates as both a nonprofit 501(c)(3) and a local government corporation, giving us flexibility to:
Our proposed 2026 Community Investment Bond represents the next evolution of our work – a $259M investment that could leverage up to $859M in total projects, generating between $1.12B to $1.7B in economic impact.
This “Keep Austin Ours” bond package would:
Economic Development Corporations represent a powerful tool for community-driven growth. By bridging public resources with private investment and centering community needs, we can preserve what makes our cities special while building pathways for everyone to thrive.
Rally Austin invites you to think big and collaborate with us as we work to keep Austin affordable, culturally vibrant, and economically inclusive for all.
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