The Wichita Falls Economic Development Corporation is not going to purchase a property along Airport Drive after all — where the city spent millions in incentives.
The board members decided against it at their meeting on Thursday afternoon.
The building is located at 2236 Airport Drive, and was originally a Food Lion, until most recently it was a WDS call center.
The 4-A Board had an agreement with the call center company and gave them incentives to come in 2010.
The board invested around $3 million in the company and purchased furniture, equipment, fixtures, a fire suppression system and generator for the property.
Since the company left last summer, the owner was either going to discuss purchasing the property with the board or give the board ten days to get their investments and incentives out of the building, which they say would cost half a million dollars.
Instead, the board decided to release the collateral — or in other words give everything they invested into the building over to the owner.
“And so now if we release the lean on the collateral that let’s it revert to the original owner of the building and so the collateral would just be a part of the building,” Henry Florsheim with the Wichita Falls Chamber of Commerce said. “So the generators and the cubicles and that sort of thing would revert to the owner, which he could then use as he’s trying to find a new tenant.”
So, the owner can now use the collateral to try and entice a new tenant.
The board also says they regained their investment and incentives while the company was in town, so it was not worth taking back the incentives.