CDC property appraised at fair value

The Cuero Development Corporation (CDC) decided on May 19 to remove the CDC land of 11.89 acres — and the CDC property of a 35,000 square foot building and the four acres it sits — off the market for reassessment.

Board members indicated what they are trying to accomplish was part of the development in the new strategic plan (referring to the Cuero Economic Development Strategic Plan October 2011).
After interest was expressed in the property and land, the CDC held a special meeting on June 24 to allow the real estate agent to discuss and give more information in regards to the possible sale of the 11.89 acres and property.
It was decided by the board that another meeting was needed to move the process forward. On June 30 the board held a special meeting to have the property appraised at fair value. The CDC hired local real estate broker Robert Garrett to give a price opinion of the value of the property and land.
The following is a summary of what occurred during the special meeting held on July 7.
A motion was made by Shay Iacoponelli, seconded by Richard Weber, to offer to Geo Southern Holding contingent on an earnest money contract for $625,000 for the 35,000 square foot building and property. The board voted unanimously for it.
According to Patrick J. Kennedy, executive director of CDC, Geo Southern Holding has since indicated they are not pursuing the contract.
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