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County approves draw on incentive for new Coca‑Cola Southwest beverage facility; county share $187,500
Summary
The court approved a draw request under a project agreement with IDV Texas Central Park LLC supporting a new Coca‑Cola Southwest Beverage facility; the grant was $375,000 and the county's portion is $187,500, and the project reported roughly $19.8 million in total investment.
The Commissioners Court approved a draw request under a program agreement with IDV Texas Central Park LLC tied to development of a new Arca Coca‑Cola Southwest Beverage building in the Texas Central Park area.
Chris (economic development) said the developer required a sewer-line extension to make the site viable; the Economic Development Corporation provided a grant package totaling $375,000 to offset that infrastructure cost, and the county's share of the draw request is $187,500. The developer reported a facility investment of $19,789,000 with roughly $18,197,000 in hard construction costs, and the project includes about 125,000 square feet of new industrial space.
The county's economic development team recommended approval of the final draw after the developer completed required work and met contract conditions. The court voted to authorize payment of the draw request; staff said the Economic Development Corporation's banking arrangements to process the payment were being completed and that disbursement would follow once accounts are in place.
Commissioners and economic development staff discussed appraisal values on new industrial buildings and the general local market for industrial development; staff said they expect the appraisal district to establish taxable values consistent with recent market comparables.
