Port Authority reviews sale of spec building
Published 12:00 am Thursday, December 16, 1999
Not many people come to Austin Port Authority meetings.
Thursday, December 16, 1999
Not many people come to Austin Port Authority meetings. A reporter or two, perhaps, and any businesses directly affected by actions to be taken. Wednesday evening’s meeting was no exception, with a quorum of the Port Authority, two reporters and two businessmen in council chambers.
Under review was the sale of the spec building, located in Austin’s industrial park, to Joseph Co. L.L.C. Carter Wagner was present to act for that company.
After a minimum of discussion, in which Wagner indicated the sale would be better for his business if handled in the first week of January, the authority approved moving forward on this. A meeting was set for Jan. 3 to approve the exchange and purchase agreement in closing the deal, and a legal notice will be placed in the newspaper.
In exchange for the purchase of the spec building, the Port Authority will receive $430,000 and the Joseph Co.’s property - about seven acres – north of 18th Avenue NW, across from OakPark Mall, Excel Fitness and Games People Play. The total value of the exchange and purchase would be $630,000.
"I’ve read it, I think the provisions are excellent," said Larry Maus, a Port Authority board member as well as a local lawyer.
Some of the provisions of the agreement are that to show due diligence, the Port Authority will have an environmental study done on the Joseph Co. land. Until it is found to be clean, the vast majority of the money will sit in escrow.
The spec building the Joseph Co. will move into is 30,000 square feet. When they assume ownership, they also will be able to lease out the balance of the building, which is a little large for its current operation.
City Administrator Pat McGarvey explained that this is just a step in a longer process, which began when Wagner first approached him about building a new building in the industrial area.
"The more I thought about it, the more I thought, ‘why not look at the spec building?’" McGarvey said.
Hopes are high that should all deals close correctly, not only will the Joseph Co. move into the spec building, which was left empty when Edge Concepts closed its doors, but that Cooperative Response Center - a business presided over by former Councilman Todd Penske - will purchase a portion of the property Wagner will sell the Port Authority and move that business into town. By then the title to the land would have been transferred to the city, which would make the sale to CRC.
Penske was the other businessman at the Port Authority meeting. He came to listen and introduce himself to the people making his hopes of a move possible.
Once CRC is in place, McGarvey has a loose agenda for the Port Authority and city of Austin’s hope for that area, which includes buying some adjacent land from Burt Plehal, the land would be platted, a road put through, and a new TIF district approved for the area. The city would be in charge of the sale of future lots created.