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BEDC approves $600,000 interlocal loan and backs $400,000 grant for Burleson Crossing East infrastructure
Summary
The Bastrop EDC approved an interlocal agreement to loan $600,000 to the city at 4% interest and supported a $400,000 grant to the developer for Highway 71 improvements at the Burleson Crossing East retail development; the developer hopes to begin construction in June.
The Bastrop Economic Development Corporation approved a package of actions to fund infrastructure for the Burleson Crossing East retail development, including a $600,000 interagency loan and acceptance of a $400,000 grant to help pay for Highway 71 improvements.
The board approved Resolution R2025-58 (referred to in the meeting transcript as R 20 20 five-eight), authorizing an interlocal cooperative agreement under which the BEDC will loan $600,000 to the city of Bastrop to fund infrastructure associated with Burleson Crossing East. A BEDC representative said the original request from the developer totaled $1 million; under the financing plan $600,000 would be handled by the city (via the BEDC loan) and $400,000 would come from a separate grant.
On the interest terms, BEDC staff said the city would pay 4% interest on the $600,000 loan. "The city was going to go out and borrow its $600,000 and our banker on the board said the EDC should loan it and the EDC should earn the interest on it," a staff presenter said. Board members discussed origination fees the bank had wanted to charge; the board declined to accept origination fees as part of the BEDC loan arrangement.
The board also approved Resolution 20255-0009, which authorizes a $400,000 grant from the National Economic Development Corporation to the city of Bastrop to fund improvements along Highway 71 adjacent to Burleson Crossing East. The grant money will go to the developer for road improvements, including an additional turning lane where the development meets Highway 71.
Steve Derman, representing Burleson East, told the board the project has been through multiple plan reviews and that revised plans were resubmitted to TxDOT. "We have a meeting, a conference call with both the district and regional office on Wednesday... we are hoping that we'll get through it pretty quickly in the next two weeks and get approval," Derman said. He said the construction schedule anticipates starting work on Burleson Crossing in May or June, and estimated active construction for the Highway 71 improvements would take about 45 days (not a full shutdown); he added a goal of completion by mid-July.
Project details discussed with the board include two left-turn lanes at the fronting entrance, frontage-road widening and signal-area work, and limited sidewalk relocations in a few corners. Derman said the team had also developed a rodent-control plan that they were coordinating with TxDOT.
Board members voted to approve the resolutions. Staff said the budget amendment associated with the funding package will be brought back for ratification at the BEDC's May meeting.
