EDC board approves extended deadline on closing

By LYNETTE SOWELL

Cove Leader-Press 

 

The Economic Development Corporation held a special meeting on Tuesday afternoon, during which it unanimously approved extending the closing deadline of land purchase by Endeavor Real Estate Group, also known as C-Cove 90 Partners. 

 

The extension request came from the real estate developer which has completed most of phase I of the Five Hills Shopping Center, with the closing for phase II property to take place within two years of the opening of the south bypass, which officially opened on Jan. 29, 2015. 

 

The special meeting was called after the city council voted last week to authorize the extension. The extension has already been approved and signed off on by Jimmy Clark for the Copperas Cove Industrial Foundation. 

 

“There is a lot of confusion as to what actually is Phase II, because you actually have what’s taking place on the ground versus what was initially discussed when it was discussed when it was just raw land,” city manager Andrea Gardner told the board. 

 

She said the first phase of the Five Hills Shopping Center development was split by Endeavor into two sections, what the developer calls Phase I and Phase II, which shouldn’t be confused with what actually occurs on the ground. 

 

“All those businesses are called (Phase) Ia. What’s coming and what the city recently negotiated an amendment to the 380 agreement on is what’s Phase IB. Oftentimes it gets referred to as Phase II, but on the ground, it’s not actually Phase II,” Gardner said. “So there’s some confusion among the citizens as to how it is that they’re already developing property that they don’t yet own. That’s not the land that’s being developed. That land is the land behind the Gold’s Gym that runs all the way to Old Copperas Cove Road.”

 

The approximately 51 acres, which is set to be closed on today, has four pad sites which are currently being advertised as for sale or lease by the developer and is being sold to Endeavor for $1.14 million, as listed on the meeting’s agenda.

 

Payne thanked Gardner for the clarification, stating many people are under the impression that the phase II property being closed upon is where the current construction is taking place across the street from Gold’s Gym, the future site of Beall’s, Ross and other retailers. 

 

“So many maps get put out by developers and departments, and sometimes they get labeled the same when really they’re not the same, and creates a lot of confusion,” Gardner added. “The document to go off of and that’s always official is the plat that’s approved by Planning & Zoning, and then the city council.”

 

Gardner said in keeping with past precedent, the city thought it best for the EDC board chair to be the one to sign the closing paperwork, but the board members must take action to authorize that. The board did so at Tuesday’s meeting. 

 

Endeavor has already deposited $6,000 with Land Exchange Abstract and Title Co. as earnest money for the Phase II land.

 

Also at Tuesday’s meeting, the EDC board unanimously ratified action by the Copperas Cove city council which previously authorized the city manager to execute amendment one to the 2011 Sales and Purchase Agreement between the Copperas Cove Economic Development Corporation, the Copperas Cove Industrial Foundation and C-Cove 90 Partners, LTD, which allowed the extension for the Phase II closing deadline. 

 

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