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Hutto EDC asks for Cottonwood market valuations and directs staff to pursue Project Core and master developer proposals
Summary
The board authorized staff to solicit three vendor estimates for market valuation or appraisal of the Cottonwood properties and later directed staff to update Project Core terms and seek master-developer proposals for part of the Cottonwood site; all motions carried unanimously and staff will return with proposals and pricing.
Board members discussed prior work on the Cottonwood properties and asked staff to obtain a market valuation rather than a full condemnation appraisal. Staff said a market valuation would evaluate probable sale price by specific land uses and provide market indicators; members estimated such work should be modestly priced and suggested staff return with three vendor proposals and pricing.
During executive-session follow-up, the board directed staff to update Project Core on the terms discussed in executive session and to seek proposals from fee and master developers for a portion of the Cottonwood property. Board members referenced a 2020 appraisal that showed a roughly $2 million difference between the property "as-is" and with entitlements, and asked staff to confirm sources and approaches for new valuations. All related motions passed unanimously.
Provenance: discussion and direction on valuations and developer solicitations appear in the items from the Cottonwood valuation item through executive-session follow-up (topic start SEG 2521; post-exec actions SEG 2860–2924).
