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EDA hears presentation on ARS (Acquire‑Renovate‑Sell) options; no formal funding encumbrance set
Summary
A developer described how an ARS (Acquire‑Renovate‑Sell) pipeline could be operated for Grayson County, including partnerships with Jimmy Moss as grant administrator and the developer providing remodeling and resale services; the EDA discussed whether to encumber funds for potential property purchases but did not set aside a fixed amount.
An external developer addressed the Grayson County Economic Development Authority about running an ARS program — Acquire, Renovate and Sell — for the county, describing how their organization can manage property selection, rehabilitation and resale aimed at first-time homebuyers.
The presenter said the organization has in‑house remodeling crews, broker services and a pipeline of qualified buyers, and that ARS funds can be used not only on tax-delinquent properties but also on properties listed for sale or for new construction. “ARS stands for Acquire Renovate and Sell,” the presenter explained during the meeting.
The presenter described coordination with Jimmy Moss, who would remain the program administrator if the county uses the existing grant administration structure: the developer would perform the project work and hand projects back to the administrator for sale to first‑time homebuyers, with a 90‑day first‑market period for local buyers as required by the ARS program rules discussed at the meeting.
Board discussion focused on how much, if any, EDA funds the authority should encumber for immediate ARS purchases. Members discussed amounts ranging from $50,000 to $200,000 as possible set‑asides, with several members advising caution and preferring to keep funds available for other development opportunities. One member noted the EDA currently had roughly $470,000 available; others said they were not ready to formally encumber a large sum and preferred to bring specific properties to the board for approval if found.
The board did not set aside a dedicated ARS purchase fund at this meeting. Board members said staff would continue to look at tax-sale and MLS listings and bring possible properties back to the board for case‑by‑case consideration.
Ending: The presenter left contact details and offered to assist with property searches and project management. The EDA will consider individual ARS purchases on future agendas rather than committing a large encumbered balance at this session.
