By Audrey Spencer
Killeen Daily Herald
COPPERAS COVE — Land development continues to roll on in Copperas Cove, with the Economic Development Corporation recently gaining approval to sell land to be developed into a professional business park.
Polo Enriquez, executive director of the EDC, brought an offer from the Copperas Cove Industrial Foundation to the city council last week to purchase 6.345 acres of land near Cinergy Cinemas.
The Industrial Foundation currently owns and is improving 17.183 acres of land in the area to become a professional business park. The 6.345 acres, currently owned by the EDC, is located just south of the Industrial Foundation's land.
The appraised value of the land is $440,000, according to information from the July 17 city council meeting. Enriquez said the EDC would use the proceeds from the sale to reimburse the Industrial Foundation for improvements they make to the 6.345 acres as part of an Economic Development Performance Agreement.
The agreement to reimburse for infrastructure costs was made because the EDC determined that by providing the funds, the property will be developed more quickly, which would allow businesses to purchase sites within the development faster.
Providing "shovel-ready" sites has been part of the EDC's strategy for attracting businesses to Copperas Cove. Having electricity, water and roads already available means a business does not have to spend as much time improving land and may set up and open more quickly.
At the city council meeting, Enriquez mentioned the EDC had received a number of inquires for the property and two businesses are already looking to purchase portions of it, including an urgent care facility, which the city does not currently have.
In December, Monica Hull, director of business development at the EDC, said by purchasing the land, the Industrial Foundation will complete a horseshoe shape for the professional business park.
"That property, being across from the Shops at Five Hills and located near the most traveled roadway in Copperas Cove makes it extremely attractive to businesses," Hull said.
The park is divided into various-sized lots to accommodate a number of requests from businesses.
"There may be a business that comes in and needs an acre. Some that come in need five acres," Hull said. "Lots will be designed so that those pieces can be carved out."
Contact Audrey Spencer at email@example.com or (254) 501-7476.