State-administered gold depository opening in Leander faces delays

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The nation’s first state-administered gold depository is heading to Leander—but later than originally planned.

At the Leander City Council meeting Sept. 20, City Council approved a request from Lone Star Tangible Assets, the company facilitating the location of the Texas Bullion Depository, asking that the start of operations date be pushed from Aug. 31, 2019, to no later than Feb. 29, 2020.

The state comptroller’s office selected LSTA to build and operate the facility, which will receive incentives from Leander, in 2017. The company experienced delays in writing up its contract with the state, leading to a push in the timeline, Economic Development Director Mark Willis said at the meeting.

While awaiting its permanent home in Leander, the Texas Bullion Depository is being run out of Austin. Opened in June, the depository allows customers nationwide to store gold and precious metals.

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