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Economic development corporation approves amendment to five-year capital plan
Summary
The Type A Economic Development Corporation unanimously approved an amendment to its five-year capital improvement plan on April 21, 2025, postponing construction for Alsbury Boulevard to FY2027–28, reducing the corporation's Lakewood Drive allocation to $4 million for FY2027, removing a planned High Point expansion purchase, and adding preliminary construction dollars for West Side infrastructure.
The Type A Economic Development Corporation unanimously approved an amendment to its five-year capital improvement plan at its April 21, 2025, meeting, shifting several projects’ timelines and updating fund allocations in preparation to issue a notice of intent.
Eric Oskarsen, the meeting’s presenter, said the amendment aligns the capital program with project schedules and federal funding opportunities. "In this update, we've shifted out various allocations to align with the projects, and updated the fund balances," Oskarsen said, and added that staff recommended approval of the resolution to amend the five-year capital plan.
The revision moves construction funding for Alsbury Boulevard into fiscal years 2027 and 2028 because the city is pursuing federal dollars, and staff "don't see us needing construction dollars till '27 and '28," Oskarsen said. The Lakewood Drive extension remains under design; Oskarsen told the board the corporation’s share of that project was reduced to $4,000,000 in FY2027, contingent on receipt of federal funding for the total construction cost.
Other changes include postponing the Hooper Business Park sign until a later phase of site development and removing the High Point expansion purchase from this year's plan. Oskarsen said the High Point property had been cash-funded previously and a developer subsequently repurchased a portion of that property.
Project Wave was described as being under design, and the revised plan adds estimated construction dollars in 2026 for West Side infrastructure tied to the Hulen and Alsbury intersection. Oskarsen closed by asking if the board had questions; the chair said there were none.
Board members moved to adopt the amendment: a motion to approve the amended CIP plan was recorded as made by Adam and seconded by Larry; the chair called the vote and the motion passed by unanimous vote. The amendment sets the projects and dollar amounts staff plans to include in a notice of intent for issuance.
The board also approved routine minutes from its April 21, 2025 meeting earlier in the session, held an executive session under Texas Government Code Section 551.071 to seek legal advice, and adjourned at 4:45 p.m.
