AMARILLO, Texas (KAMR/KCIT) — During the most recent meeting of the Amarillo City Council, the council approved two measures related to the work of the Amarillo Economic Development Corporation (AEDC), both of which were also recently approved by the corporation’s board.
The council approved the corporation’s purchase of 1,329 acres of land located at U.S. Hwy 60 and Parsley Road for $6,647,650, plus closing costs and related expenses. Kevin Carter, the president and chief executive officer of the AEDC, previously told MyHIghPlains.com that this is a good piece of land for the corporation to own.
“It has rail access. It is… adjacent to property that we already own and that the city owns. It just allows us to have more land for future development,” he said. “We’ve been very fortunate. We’ve got several prospects that are out there. Certainly can’t talk about them yet but we’ve got some that we’re certainly trying to (bring) to Amarillo and to hopefully fill that up at a later date.”
During Tuesday’s council meeting, Carter told city officials that the land’s appraisal came in at $5,265 an acre, with the AEDC purchasing the land for $5,000 an acre. While it may be a couple of years before the corporation uses the land, Carter said this gives the corporation the opportunity “to capitalize on the good things that we’ve got going on.”
“It’s an exciting time for Amarillo. We’re on the map and people know about Amarillo,” Carter said. “We’ve got a great product to sell. This is a great place to live and people are taking note of that. We certainly want to have that land to be able to take advantage of that when people, you know, are looking.”
During the meeting, the council also approved the first reading of Ordinance No. 7952, which upon approval after the second hearing, would establish around 9.57 acres in the vicinity of 421 SE 34th Ave. as Reinvestment Zone No. 16 for commercial and industrial tax abatement purposes.
“The reason for creating this zone is to provide Council the option to offer an economic development incentive to a prospective manufacturing facility,” documents attached to the resolution read.
Officials said this area, located just east of I-27 and just west of the Llano Cemetery, consists of the old Anderson Merchandising building. Reinvestment Zone No. 16 is a project-specific resolution, with the AEDC preparing for a tax abatement for a new location of Horizon Ag Products, a New Mexico-based company that specializes in an organic soil nutrient additive.
Carter said that the second reading of the ordinance will be brought to the council during the next council meeting on Feb. 8. The corporation will also bring forward consideration of a tax abatement, as well as a location incentive agreement, for the business during that upcoming meeting.
“We are very excited about the project that we are going to bring to you on the 8th,” Carter told the council Tuesday. “It will be a good reuse of an existing building that’s just kind of been sitting there, not being utilized to its full capacity.”