The Copperas Cove Economic Development Corporation contracted with the Industrial Foundation to market the nonprofit’s nearly 23-acre commercial development for free.
“It is pretty typical of the other agreements (with the foundation),” said Polo Enriquez, the corporation’s executive director. “It is important to note that no money changes hands.”
The contract between the two entities went into effect Tuesday after the Cove EDC board approved the agreement.
It allows the Cove EDC to market the property as if the corporation was promoting the sale of its own land by using fliers, signs, advertisements, the Internet and trade show presentations, Enriquez said.
“The (Cove) EDC will furnish the services of its organization, exert its best efforts and exercise the highest professional skill and competence in marketing the premises,” stated the contract. “(Cove) EDC will provide professional staff to represent the property on a full time basis.”
The contract also stated the Copperas Cove Industrial Foundation would benefit by using Cove EDC employees to market its property, since the foundation has no paid staff.
The nonprofit, much like the Cove EDC, works to promote economic growth in the city by creating development projects. But unlike the Cove EDC, which is a government subdivision, the foundation is a private entity.
The land the corporation will market is the Copperas Cove Business and Professional Park, a 23-acre lot located on Constitution Drive just south of Cinergy Cinemas.
Construction of the development is currently underway and is anticipated to be completed about five to six months from when work started.
Once completed, the property will be divided into 16 lots ranging from 1 to 2 acres each with two access points on Constitution Drive.
Before the development started, foundation Chairman Jimmy Clark, who also is a member of the Cove EDC board of directors, said the group was targeting professional office- type businesses and already had discussed locating medical facilities at the site.
The contract also established an oversite committee for the property that consists of two members from the foundation and the corporation. The committee will be responsible for establishing policies and recommending prices for land sales and should draft deed restrictions to keep it consistent with other similar properties.
The agreement is for one year, but is automatically renewable unless one of the two entities terminates the contract.
“Hopefully, it is not a long-term agreement,” said Jimmy Clark, the chairman of the foundation and a Cove EDC board member. “Hopefully, we can sell it and move on to something else.”