• October 23, 2014

Cove EDC releases progress report

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Posted: Friday, August 30, 2013 4:30 am

COPPERAS COVE — A Copperas Cove Economic Development Corporation report released Thursday shows the group brought nearly 3,000 jobs to the city in 15 years of work.

“We think we have used the taxpayers’ money wisely,” said Polo Enriquez, the corporation’s executive director.

The corporation is constantly reviewing potential businesses to bring to the city and working with current employers to see what benefits expanding operations could have on Copperas Cove.

It does so to calculate if any incentives should be given to those entities, Enriquez said. At the request of its board members, the Cove EDC was tasked with evaluating its operations in the same manner.

Conducted using the corporation’s staff, the report titled “Copperas Cove Economic Development Corporation, Community Return on Investment,” details multiple projects and the benefits received from them.

The EDC has been connected to many projects in the city; those in the report are just the ones that could be proven through historical research, said Monica Hull, the corporation’s marketing director.

Since 1998, the corporation helped generate 2,913 jobs, the report stated. About 1,250 of those jobs are attributed to GC services and another 1,500 attributed to the Five Hills shopping center, which is still in its first phase of development.

Several other businesses’ job numbers also are included in the report, such as Black Meg, Walgreens and Cinergy Cinemas.

The report listed the amount of taxable sales revenue projection on developments to which the corporation contributed from 2006 to the present. The figure totaled $166 million, with the largest estimate coming from the Five Hills shopping center. The Cinergy Cinemas and Walgreens had the next largest taxable sale revenue projections of $3.5 million each annually.

Cove EDC contributed to roughly $44.5 million in increased taxable property values as employers such as GC Services made more than $4.9 million in improvements to its facilities in 1998 and 2002, the report stated. Large property value increases came from the Constitution Court project, $13 million; several hotels located on Constitution Drive, $10 million; Cinergy Cinemas, $8 million; and Stoney Brook, $8 million.

Indicated in the report was a list of the Cove EDC project expenditures for the 15-year period totaling about $9.5 million. Significant spending by the corporation included a $2 million land exchange purchase from Fort Hood, $1 million to help build the U.S. Highway 190 bypass and $1.6 million to extend Constitution Drive.

The report is a document the corporation can use as a marketing tool, Enriquez said. But it also is a means to let residents know it is a viable entity that has supported the economic growth of Copperas Cove.

“We want to make sure the community knows we are worth the effort,” he said.

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