The Hutto Economic Development Corporation (HEDC) and Hutto City Council took major steps Feb. 2 toward clearing the hold on the Cottonwood Properties, formerly known as the Perfect Game property, for future development. The land is an approximately 250-acre site north of US 79 in eastern Hutto.
At a special called joint meeting of the HEDC and Cottonwood Development Corporation (CDC), which is the entity that currently owns the land, the CDC Board of Directors accepted the offer from the HEDC to purchase the land via a Purchase and Sale Agreement. This vote sent the matter to the Hutto City Council for final approval.
At its regularly scheduled meeting also on Feb. 2, the City Council voted to approve the sale. The City Council also approved a resolution creating a sales-tax funding and refunding agreement with the HEDC in the amount of $6 million to help pay for the land. The HEDC has taken out a loan to cover the remaining cost of the property.
This legal judgment is being satisfied under duress to protect the land and stop the accrual of interest. Although some final administrative and legal steps still need to be completed, the steps taken tonight by all three parties help move the HEDC close to removing the hold on the land and ultimately securing it for development, whether for an additional Hutto grocery store or other much-needed retail growth. The HEDC aims to have final resolution on the plans for this property in the next few weeks.