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Bonham ratifies BEDCO property sales, leaseback and performance agreement
Summary
The council ratified BEDCO’s sale of two properties for $30,000, approved a sale and leaseback of 327 N Main for $350,000 with BEDCO remaining as master tenant, extended a contract to sell ~6 acres for $2.7M, and approved incentives totaling $225,000 for Pura Vida Beach, LLC.
The Bonham City Council ratified several Bonham Economic Development Corporation (BEDCO) actions at its Dec. 8 meeting, including property sales, a leaseback arrangement, a contract extension and a performance agreement that provides incentives tied to renovation milestones.
BEDCO Executive Director William Myers told the council that BEDCO voted to sell two parcels at 505 N Main St and 120 S 5th St for a combined $30,000; the council ratified that sale after questions about flood‑zone issues (motion by Ernie Quintana, second by Allen Sanderson; vote 5-0).
Myers said BEDCO also agreed to sell 327 N Main St — which houses the Visitor Center, BEDCO and Chamber offices — to a developer for $350,000 and lease back 3,150 square feet so those organizations remain in place while the purchaser remodels the building, adds an elevator and improves accessibility. The council approved BEDCO’s contract of sale and commercial lease agreement (motion by Sanderson, second by Quintana; 5-0). The performance agreement specifies the buyer, Pura Vida Beach, LLC (and/or assigns), will invest at least $400,000 in renovations; BEDCO will provide $225,000 in incentives in two payments: $100,000 after building permits are issued and $125,000 after receipt of a certificate of occupancy.
Separately, BEDCO is in contract with Real Estate Redevelopment/Goodwin Advisors, LLC for roughly six acres on the east side of State Highway 121. That sales contract (price $2,700,000) has been amended twice; BEDCO sought and the council approved an additional one‑year extension to allow further market analysis and planning (motion by Quintana, second by Hayes; 5-0).
Why it matters: the actions move multiple downtown and highway‑adjacent properties toward private redevelopment while preserving BEDCO’s presence at 327 N Main through a leaseback. The performance agreement ties incentive payments to permit and occupancy milestones to encourage timely renovation.
What’s next: the purchaser must obtain building permits and a certificate of occupancy to trigger incentive payments; the extended sales contract parties continue marketing and analysis for the 6‑acre parcel.
