The acquisition is intended to support economic development in downtown New Braunfels, said Jordan Matney, deputy city manager for the city of New Braunfels at a June 10 City Council meeting.
How we got here
The New Braunfels Economic Development Corporation held a public hearing on May 16, where the grant expenditure was unanimously approved, Matney said.
“This project has been through various stages of approval, including public notice, public hearing, and recommendation by the [New Braunfels Economic Development Corporation].
Why it matters
The redevelopment of this site is expected to be a major economic driver for the community, Matney said.
“This is an incredible opportunity for the Economic Development Corporation to oversee the redevelopment of this project as a major economic development driver in our community," Matney said.
The details
The funding arrangement for the acquisition involves a structured payment schedule to facilitate the transaction, Matney said.
- $500,000 due by August 1, 2024.
- $500,000 annually on October 1 for 2024, 2025, and 2026.
- A final balloon payment of $2.55 million due upon the earlier of two conditions: when NBU turns over possession of the property or the lease termination date.
After NBU relocates, the city plans to transfer the property to the NBEDC for redevelopment purposes, Matney said.
