By Taylor Short
The Cove Herald
As the Copperas Cove Economic Development Corp. awaits the closing of a land swap from Fort Hood to the city for the Shops at Five Hills, the board approved an action to partner with an Austin company to help fund the project at its meeting Feb. 25.
The board granted Gary Davis, president of First Advisors Inc., consent to enter an agreement with Endeavor Real Estate Group of Austin.
Monica Hull, CCEDC marketing director, said Endeavor has the capability and experience to get a large loan to help fund the project after the CCEDC identified funding to extend the Constitution Drive project all the way to Mueller Avenue in one phase instead of two.
Davis said he expects the next step - the drafting and signing of paperwork for the land swap - should be completed soon.
"People around here have been hearing this for a while, but it's literally very close to becoming finalized," he said.
The project was announced about three years ago and, once the land exchange is final, work on the 1.15 million-square-foot shopping center can move forward.
The Shops of Five Hills will be built directly across from Cinergy Cinemas on Constitution Drive. When completed, the shopping center will have more than 6,000 parking spaces.
The extension is also essential for the $13 million, 106-unit upscale housing development, Constitution Court.
At a meeting Jan. 26, the CCEDC approved an interlocal agreement with the city for construction of the Northeast Sewer Project Phase I that was about $1 million less than originally expected.
The council approved the agreement for $850,000 in temporary funding from the CCEDC for the project to replace sewer lines in preparation for future growth at a meeting Jan. 19.
"It could possibly be up to another year before we get started (on construction)," Davis said. "But we're getting close."
In other action, the board approved the construction of a temporary, all-weather access road to give residents who live on Mashburn Drive, located within the proposed site of Constitution Court, access to their property during the construction of the project.
The board approved a $14,422 bid for the road construction from Wesley Atkinson.
Contact Taylor Short at email@example.com or (254) 501-7476. Follow him on Twitter at KDHcove.