At the end of July, an announcement was made of new owners for Bryan’s former Bowie elementary school.
The Bryan city council at this week’s meeting unanimously approved an economic development agreement for the property.
28 years after the last classes were held, the new property owners are in the process of what city staff say is a $4 million dollar conversion into a high end office building.
The council approved giving the property owner more than $400,000 dollars of benefits in exchange for increasing the appraised value from $101,000 to $5 million dollars, and employing 70 people with a combined payroll of almost $5.5 million dollars.
The breakdown of the benefits to the property owner includes up to $200,000 in reimbursements for facade improvements, another $100,000 in reimbursements for placing utility lines underground, up to $100,000 for the city to build a parking lot, along with waiving permit fees, and applying for city life safety grants.
Click HERE to read and download background information provided by the city of Bryan.
Click HERE to read and download the agreement that was approved by the Bryan city council.
Click below for comments from Bryan city councilmen Reuben Marin and Brent Hairston.