A closer look
Once completed, the turn lane is anticipated to improve traffic flow and congestion in the area. Burleson Crossing East is slated to include a Sprouts and LongHorn Steakhouse, according to previous reporting by Community Impact.
During an April 8 City Council meeting, funding was secured for the project. Council approved entering into an interlocal cooperative agreement for an interagency loan of $600,000 from the Bastrop Economic Development Corporation in addition to a Chapter 380 agreement with BEBD Frontage Road, LLC, and the city of Bastrop for $600,000.
The developer is seeking approximately $1 million for the improvements that will be funded 40% by the BEDC and 60% by the city of Bastrop. The city will borrow the $600,000 in funds from the BEDC, which is charging 4% interest on the loan, according to city documents.
The 4% interest is better than the city would have gotten out in the private market, Bastrop City Manager Sylvia Carrillo-Trevino said.
“The proposed [Chapter 380 agreement] is the formal mechanism for the city to complete, and this is not a loan to the developer. This is a grant to the developer. The city is paying itself back over with the sales and property tax,” Carrillo-Trevino said.
The background
The Burleson Crossing East retail subdivision, a project of BEBD Frontage Road LLC, is a two-phase development anticipated to create more than 300 jobs and add more than $1,425,000 in ad valorem and sales tax upon completion to the city’s General Fund, according to agenda documents.
Community Impact will provide an update on a construction timeline for the project once it is announced.
