EDC approves contract with developer for Narrows property

By BRITTANY FHOLER

Cove Leader-Press

 

The Copperas Cove Economic Development Corporation board of directors approved a negotiated contract between the EDC and Arissa Properties LLC, for “Project Spring”, during a special meeting held Wednesday afternoon. 

During the March 2022 EDC board meeting, the board held an executive session concerning Project Spring and a proposed real estate contract for the purchase of property in the Narrows Business Park. The developer intends to initially put up two spec buildings and further develop a 17.74-acre tract, according to Executive Director Fred Welch.

“One of the conditions that came back from the board meeting was that we want to ensure that this development takes place in a reasonable period of time,” Welch said. “Construction to begin on the first building, at least within 12 months of closing on the property, and in a schedule that would build that park out, we hope, over a five-year period of time, with some allowances. Particularly supply chain right now…it might take longer for materials and things to come on, but at least have a development plan.” 

Welch added that the EDC communicated this to the buyer, who responded back affirmatively and offered to sell the CCEDC back the property at its original purchase price in the event they don’t develop it. 

The board of directors approved the contract with Arissa Properties, LLC, amending the verbiage in Section 13.6, allowing “First Right of Refusal” on any sale of undeveloped property at the original purchase price per acre of $43,519.69. 

The area in the Narrows Business Park that the contract refers to is the 15.7-acre tract next to the Troops To Transportation tract.  

With this contract, the Narrows has 36.9 acres of land still available for sale.  

Welch later explained that Arissa Properties has built similar developments in several communities around the state. 

“Everybody kind of agrees this will be, I think, a project that will probably increase the value of property over time, so worst-case scenario is we’d be if we have purchased property back in the event they did not fulfill the obligations of the contract will be covered that way.” 

Once the contract is countersigned, it will start a 45-day Due Diligence period for the developer to come in examine the property, according to Welch. 

“So, it’s not a done deal yet, but at least it’s the first step where we go forward,” Welch said. 

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