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Belton Economic Development Corporation seeks council approval to buy 62-acre tract near I-14; council approves
Summary
The Belton Economic Development Corporation asked the council to approve acquisition of a 62-acre tract near I-14 for industrial development; the council approved the contract. BEDC reported due diligence findings, development constraints, and that the purchase can be funded from BEDC fund balance without issuing debt.
The Belton Economic Development Corporation (BEDC) sought council approval March 11 to acquire approximately 62 acres near I-14 for light-industrial development; the City Council approved the BEDC executive director's request.
Cynthia, the BEDC executive director, told council the board negotiated a purchase price of $2,907,000 and had a 90-day feasibility period. BEDC's due diligence found roughly 40 to 41 acres suitable for light-industrial development and about 15 acres that would require substantial earthwork. The site lies mostly outside city limits: Cynthia said about 51 acres would require voluntary annexation and rezoning to light industrial for BEDC's intended use.
BEDC reported a Phase I environmental assessment that recommended no further investigation but noted cleanup of scattered scrap and brush and plugging several wells. Staff said power is available nearby (Encore noted phase 3 availability), and that water service is in the Dog Ridge Water service area; the existing six-inch line at the site may need to be upsized to eight- or 12-inch for required fire flows. BEDC provided a preliminary wastewater alignment and a rough cost estimate of about $800,000 to extend sewer service to the site, but said final alignment and costs would be determined in collaboration with the city's wastewater master plan.
Cynthia said BEDC has approximately $11.2 million in fund balance and that BEDC can afford the purchase without issuing debt. After questions and comments from council members about strategic use of reserves and utility extension costs, a motion to approve the contract carried by voice vote.
BEDC indicated it will continue coordination with city staff on annexation, rezoning and utility extension planning and will return as necessary with design and funding details.
