The city of Bryan’s newest economic development effort will be located in the biocorridor.
The city council on Monday approved the purchase of the former Nutrabolt headquarters to turn into Lake Walk Innovation Center.
Strategic projects director Lindsey Guindi says the center will be a combination of businesses getting off the ground and those who are already established.
Guindi says Bryan’s commerce and development agency (BCD), whose board members are those on the city council, will pay Nutrabolt more than $2.7 million dollars from prior land sales to acquire the 27,000 square foot office building and eight acres of land.
There were no comments about the project during Monday’s BCD or city council meetings. The council unanimously approved the purchase as part of consent agenda items.
According to background information for Monday’s council meeting, additional funding for the building and eight acres of land comes from third party bank debt that is secured by city of Bryan property tax and sales tax revenue.
The sales price was not disclosed when the council approved the purchase on Monday.
Guindi says the office building and land will remain on the tax rolls.
Click below to hear comments from Lindsey Guindi, visiting with WTAW’s Bill Oliver.