Flash Staff Report
TheFlashToday.com
STEPHENVILLE (November 28, 2016) – Stephenville Economic Development Authority (SEDA) board of directors met Monday evening and approved a “forgivable loan” for $48,590 to help with the development of Christy Plaza.
According to SEDA officials, who are releasing very little information on the deal, the money will go to Baird, Hampton & Brown, Inc. for “engineering design fees associated with the construction of a traffic signal light on US Highway 377 (Washington Street).” However, the loan was granted to Nick Halili, the owner of property on Christy Plaza, with condition that when the light is built, the loan will be forgiven, according to SEDA Executive Director John Hubbard.
Hubbard said the funding assistance would cover engineering design fees for the construction of a traffic signal at the intersection at Christy Plaza, which would “help with development in that area of our community.” The proposed location for the traffic control device is the street leading to the development where Pets Supplies Plus and La Quinta Inn and Suites is located. There is a large lot of undeveloped land, owned by Halili, adjacent to the existing businesses, and Cotton Patch Café and Chicken Express are also located along Christy Plaza.
The discussion leading up to the approval of the light project was held in executive session, again, and officials, again, declined requests to release additional information on the issue. However, Hubbard did say additional information on the project would be shared as it progresses. TxDOT has already approved the construction of the signal light.
“SEDA cited three reasons that influenced their decision to approve the forgivable loan: (a) the future signal light will facilitate development to the north and south of traffic signal location, (b) it eliminates the need of the city purchasing a signal light at this location, and (c) the future signal light is compatible with the City’s thoroughfare plan,” said Hubbard.
SEDA funding is derived from sales tax within the city limits, and all expenditures of more than $10,000 must be sent to Stephenville City Council for final approval. The council is expected to consider the issue at their December 6 meeting.
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