Dalhart EDC authorizes director to negotiate non‑binding term sheet with Gibraltar Development

On Feb. 10, 2026, the Dalhart Economic Development Corporation voted unanimously to authorize its director to negotiate a non‑binding term sheet or letter of intent framework with Gibraltar Development/Gibraltar Home Builders covering potential land options, an initial incentive structure and project due‑diligence requirements. The motion, made by Board Member Kevin Caddell and seconded by Board Member Greg Duggan, passed 5‑0.

The board's action also approved proceeding with a housing market study cost‑share agreement with Gibraltar, with reimbursement to the developer only upon specified development trigger milestones. The minutes record that any land‑related incentive must be performance based—for example, an option or phased conveyance with a reverter/clawback—and that final agreements require review and approval by EDC counsel. SEAN OVEREYNDER, the DEDC director, was authorized to negotiate the framework subject to later board approval of any final agreement.

The board recorded no public testimony on the item. The authorized negotiation follows an informational presentation by Gibraltar Development earlier in the meeting; the presentation segment was recorded as information only. The motion text and the 5‑0 vote were entered into the minutes as the formal board action.