During their regularly scheduled meeting on Monday, Nov. 13, the Hutto Economic Development Corporation (HEDC) executed a pair of Purchase and Sale Agreements for two tracts of land within the Hutto Megasite totaling over 150 acres. Both land contracts include a due diligence period.
Once the transactions close, the HEDC plans to make significant reductions on existing debt, including payments to the City of Hutto for bonds issued for the spine road construction project, and a large portion, if not all, of the funds acquired to purchase the Cottonwood Properties, including the $6 million borrowed from the City and the $15 million loan.
Once the Cottonwood Property debts are completely paid off, the HEDC will be able to use that land as an incentive to attract future tenants. The next step in the development of the Cottonwood Properties is set to take place on Tuesday, Nov. 14 as the HEDC Board will discuss and consider action regarding presentations from master developers for the development of the Cottonwood Properties.
During their Nov. 13 meeting, the HEDC also approved a construction contract to build the east-west arterial, or “spine” road, currently in the works for the Megasite. This approval marks a major step forward for the beginning of Megasite construction as access points are now finalized, and road work is set to begin this winter.
Stay tuned to HuttoTXEDC.gov for the latest updates.