By Audrey Spencer
The Cove Herald
Members of the Economic Development Corporation relinquished ownership of a portion of the Shops at Five Hills property to C-Cove 90 Partners for nearly $1 million.
"In any closing like this, there's all kinds of documents. Probably 20 or more," said Polo Enriquez, executive director of the corporation. "It's a huge package of stuff we've been working on the last several months. Construction easements, deeds, you name it."
The documents signed by corporation chair Dan Yancy and director Jimmy Clark were sent to Austin for signatures by representatives of C-Cove Partners and H-E-B.
"We no longer own the property," said Enriquez Tuesday.
The corporation received a $932,895.46 payment for 58.085 acres Wednesday.
Another 50.37 acres of land to the south of the property will be sold to C-Cove by Jan. 1, 2015, or by the completion and opening of the U.S. Highway 190 southwest bypass, said Monica Hull, director of business development at the corporation.
Of the land C-Cove bought, 15.459 acres of it was sold to H-E-B, according to a declarations document.
The remaining 42.626 acres is expected to be developed to create the Shops at Five Hills.
"We hope to see new retail shops and restaurants," said Hull.
At the city council meeting Tuesday, a construction contract with McLean Construction was approved, giving the company approval to build water/wastewater mains to serve the property, as was part of the agreement between the corporation and C-Cove.
The water/wastewater project will cost $1.3 million, which will be provided by the corporation.
Contact Audrey Spencer at email@example.com or (254) 501-7476.