The land was previously intended to be the site of an $800 million development from baseball scouting company Perfect Game, but the company announced in September 2021 that it would build in Cedar Park instead.
At a Feb. 2 meeting, Hutto City Council approved the Hutto Economic Development Corp.’s purchase of the property from its current owner, Cottonwood Development Corp.
At the same meeting, council also approved a $6 million sales tax funding and refunding agreement with the Hutto EDC to help fund the purchase. The EDC will take out loans to fund the remaining $15 million cost, according to a city release.
The release states while some administrative and legal steps are still pending, the purchase frees the tract up for future development by the city.
Council members said the terms of the agreement are not ideal, but action was necessary to free up the land and stop the accrual of interest.
According to Mayor Pro Tem Peter Gordon, the amount of the purchase was mandated by a court ruling, which the city intends to appeal.
“In order to maintain and guarantee control of this land and in order for us to basically have a say in what's going on with that land, we are, under duress, paying the judgement while still allowing us to appeal the judgement,” Gordon said.
The EDC aims to have a final resolution on plans for the tract within the next several weeks. Once freed up for development, the release stated it could be used for “an additional Hutto grocery store or other much-needed retail growth.”