PRESENTER: Presenter
Jeff Jewell, Economic and Community Development Director
Body
SUBJECT: Title
Presentation and update on the feasibility analysis for NBEDC-owned property at Common Street and Gruene Road
Header
DEPARTMENT: Economic and Community Development
Body
COUNCIL DISTRICTS IMPACTED: 4
BACKGROUND INFORMATION:
At the New Braunfels Economic Development Corporation (NBEDC) workshop on June 15th, 2023, the Board was introduced to a process to undertake predevelopment and feasibility work for the eventual development of the Gruene 16, Block 1, Lots 1-3 property. This property was purchased by the NBEDC in 2016 for HD Supply’s planned expansion, which did not occur. The process worked with key stakeholders to conceptualize the project and objectives, develop a basic vision for the project, determine the market demand for the project as envisioned, and develop high level financial feasibility estimates to determine the overall level of support particular development concept(s) would likely need. This was intended to be the first steps in the process, with a second stage proposed to ultimately solicit a developer and assist in the negotiationof a development agreement to bring the project to fruition.
EPS facilitated a workshop with the NBEDC Board on November 14, 2023 and addressed objectives for the site, identified key questions for additional research, and established parameters for the next steps of the potential public/private partnership. EPS facilitated additional conversations with city council members and other stakeholders to inform the feasibility study. At its workshop in June, EPS delivered the results of the initial feasibility and development concepts based upon market data and community goals. At that meeting, EPS discussed the next steps in phase two of this project which includes high level planning and test fitting the site with the proposed concepts, providing the financial feasibility analysis, and drafting a Request for Proposals for development. The Board directed staff to move forward with this expenditure to continue advancing the project. The cost for this second phase is $60,000 with $15,000 being transferred from phase one, bringing the total for phase two to $45,000. The NBEDC held a public hearing on July 18th, 2024 and unanimously approved this project expenditure.
ISSUE:
Update on the Feasibility Study for Phase One of the Gruene 16 study.
STRATEGIC PLAN REFERENCE:
☒Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☐Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
N/A
Recommendation
RECOMMENDATION:
The NBEDC approved this expenditure at its meeting in July and will present the expenditure for consideration by City Council at its second meeting in August.