Staff is requesting that the City Council approve a resolution conveying land that the City owns within the Industrial Buffer District to the Texas Economic Development Corporation to further Economic Development efforts including the maintaining of jobs, job creation, increase property values, new or expanded industrial services and production efforts.

There are opportunities for the land that the City owns that is located within the Industrial Buffer District to be used for economic development purposes - job creation, business start ups, maintenance of jobs, increased property values, etc.  State law allows for several ways for the property to be conveyed to an economic development corporation.  By doing so, it allows for the quicker and more timely sale of property, allows for conditions to be placed upon the property, and prevents a person from buying valuable land only for speculation and not development.  Currently, the city has some opportunities with at least one company who is willing to bring new jobs to Texas City, improve the old Vincent building and to be in operation within a year if they can obtain roughly two acres.

At this time, staff is looking at roughly 10 acres total including two city blocks between 4th Avenue South and 2nd Avenue South and between 7th Street and 8th Street and one city block between 4th Avenue South and 3rd Avenue South and 9th Street and 8th Street.

State law allows for the conveyence as long as conditions are placed on the land that will go with the land that serves the public purpose and economic development.  The conditions on this land that the TCEDC will insure will be that all land must show an increase in property value after purchase, that the company provides new jobs or maintain at least the current level of jobs, that the jobs have average annual salaries that are considered good for the area.