Approval of a resolution recommended by the New Braunfels Economic Development Corporation (NBEDC) approving a project expenditure of $26,800 for the option to extend the project feasibility period for an additional 90 days per the Purchase Contract between Mildred V. Bartels, Jerald D. Voges, and the NBEDC, pursuant to Section 505.102 of the Texas Local Government Code.

This resolution approves an expenditure of $26,800 by the New Braunfels Economic Development Corporation (NBEDC) to extend the feasibility period for an additional 90 days on a purchase contract. This contract is for five parcels of land adjacent to the existing NBEDC's Gruene 16 property, located near Gruene Road and Common Street.

Background:

• The NBEDC initially acquired a 16-acre site in 2016 for an expansion project that did not materialize.
• Subsequent feasibility studies (Phase 1 and Phase 2) were conducted on this original site.
• During Phase 2, five additional adjacent parcels were identified as beneficial for the project's development opportunities.
• The NBEDC previously approved escrow and due diligence funding for these five parcels with a 9-month contract.

Purpose of Expenditure:

• The $26,800 expenditure is for the option to extend the feasibility period for these five parcels by 90 days.
• This extension is intended to allow for continued project development, planning, and negotiations with a development team.
• The extension is permitted under the existing purchase contract, which allows for one such extension.
• The expenditure is authorized by Section 505.102 of the Texas Local Government Code.