The details
The NBEDC is purchasing the land located at the corner of Kohlenberg Road and FM 1101, as discussed at a June 24 City Council meeting.
The NBEDC met with council on June 17 to discuss purchasing up to 100 acres from a 240-acre tract.
The land is intended for future industrial, commercial or institutional development, said Jordan Matney, deputy city manager of New Braunfels.
The NBEDC envisions the land being used for a Texas State Technical College campus or a business park.
“TSTC's demographer identified [New Braunfels] as one of the parts in the state where there's the biggest gap between demand for technical training and supply,” said Jonathan Packer, president and CEO of the New Braunfels Chamber. “This is a prime location to create jobs that are going to employ our city and region in the future."
The breakdown
The financial plan for the project outlines a payment approach funded entirely by the NBEDC, indicating no direct fiscal impact on the city:
- $12 million in cash at closing
- $1 million annually for eight years, beginning Oct. 1 of the year following closing
- 3% annual interest on deferred payments
Going forward
The NBEDC will finalize the purchase agreement and prepare for potential industrial or commercial development, Matney said. She said they will engage stakeholders and the community to ensure transparency and support for the project's economic development goals.
