Gold depository breaks ground on Heritage Grove Road in Leander

State, county and city officials and representatives from Lone Star Tangible Assets broke ground on the upcoming state-administered bullion depository in Leander.

State, county and city officials and representatives from Lone Star Tangible Assets broke ground on the upcoming state-administered bullion depository in Leander.

Image description
2
Image description
4
Image description
3
Texas Bullion Depository’s upcoming facility in Leander broke ground Dec. 12.

The depository, which is the first state-administered precious metals bullion depository in the U.S., began operations in Austin in June. The Leander location is expected to be complete in late 2019, according to a statement from the state comptroller’s office. It will be located on 10 acres on Heritage Grove Road, according to the statement.

“One of the benefits is having a good local community, the fabric of a community, a city council [and] a county that wants to have a depository here and that combination of all those partnerships are really critical to make the depository ultimately be successful,” Glenn A. Hegar, Texas Comptroller of Public Accounts, told Community Impact Newspaper following the groundbreaking Dec. 12.

Gov. Greg Abbott signed the Texas Bullion Depository Bill into law in 2015, which determined that Texas would establish a state-administered depository. State agencies, U.S. citizens and residents, businesses and one day, other nations, can store precious metals at the depository, according to the statement from the comptroller's office.

Austin-based Lone Star Tangible Assets was selected by the comptroller’s office to construct and operate the bullion depository. In November 2018, it was announced that the Texas Bullion Depository would be located in Leander after City Council approved an economic incentive package with Lone Star Tangible Assets.

MHT Constructors LLC will build the 40,000-foot facility, which will be able to hold up to $350 billion worth of precious metals, according to the comptroller’s office’s statement. It could also expand in the future depending on demand.

Matt A. Ferris, chairman of Lone Star Tangible Assets and an executive director of the Texas Bullion Depository, said the economic impact of the project on Leander could come in several forms.

“We estimate 85 percent of the goods and services being provided for this infrastructure [are] Texas-based,” Ferris said. “Local excavation companies, all the contractors, et cetera.”

Furthermore, he said Lone Star Tangible Assets staff will likely relocate to Leander, adding to the city’s tax base.

Ferris said his team has considered security protocols from military installations, other depositories and Fort Knox and decided which ones will work for the new facility.

“We have the luxury of a blank canvas here and what that allows us to do is take the best part of those and the most up-to-date technology and integrate that into the whole project,” he said.
By


MOST RECENT

See how COVID-19 continues to impact Williamson County. (Community Impact staff)
Williamson County surpasses 300 total COVID-19 deaths

The county also reported more than 400 new cases.

The Central Texas Regional Mobility Authority has named a new executive director. (Courtesy Central Texas Regional Mobility Authority)
James Bass named executive director of Central Texas Regional Mobility Authority

Bass, the former executive director of the Texas Department of Transportation, replaces Mike Heiligenstein, who stepped aside Jan. 24.

Previous headliners included Cody Johnson, Turnpike Troubadours, Aaron Watson and Mark Chestnutt, among others. (Courtesy KOKEFest)
KOKEFest releases dates in Hutto; Marisol's Mexican Grill taking orders in Georgetown and more area news

Read the latest business and community news from the Central Texas area.

Williamson County will add two new justice courts over the next two years. (Ali Linan/Community Impact Newspaper)
Williamson County looks to add two new justice courts

The county will request state legislative approval to add a new district court and a new county court of law, officials said.

Here are the latest coronavirus case count updates in Williamson County. (Courtesy Adobe Stock)
Williamson County nears 30,000 total confirmed COVID-19 cases

Here are the latest coronavirus case count updates in Williamson County.

people
Perky Beans Coffee brings drinks, growing food menu to north Leander

The coffee shop is adding more sandwich and food options to its menu to meet its customers’ demand.

Construction at Q2 Stadium is on schedule to be completed by late March or early April. (Nicholas Cicale/Community Impact Newspaper)
Austin FC will play at newly named Q2 Stadium starting this summer

Austin FC announced the naming partnership with Austin-based tech company Q2 Holdings Inc. at a ribbon-cutting ceremony Jan. 25.

cookies
Eileen's Colossal Cookies to close in February plus more Cedar Park business news

The Cedar Park location announced it will close its doors in February.

Here is what you need to know today about the coronavirus in Williamson County. (Community Impact staff)
Williamson County adds 294 new COVID-19 cases, 3 deaths Jan. 22

Here is what you need to know today about coronavirus in Williamson County.

Hays County opened its COVID-19 vaccine portal Jan. 22. (Courtesy Adobe Stock)
Vaccine portal opens in Hays County; read Austin business news and more Central Texas info

Read the latest business and community news from Central Texas.