Sunday's Internet Edition, July 20, 2008.
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News editor -
Negotiations are expected to continue for at least the next few weeks in the sale of the Spec building.
An agreement has been made to the sale of the Spec Building and negotiations have been under way between the Economic Development Corporation, the City of Copperas Cove and a company out of Wyoming, which has a similar facility there.
“City Council still has to approve the sale of the spec building,” Executive Director Carol Mills said. “We also still have things to work out and a lot of legalities involved, but we are making great progress.”
Mills said that while they are making good progress, the sale is not officially final and it could be some time before everything is worked out.
“We really can’t put a date on these kind of things,” Mills said. “All we can say is that we are in negotiations and are making good progress.”
According to Mills, the building will house one state of the art movie theater, bowling center, two arcades, a cyberroom and a food court.
The building will be deemed as a family entertainment center and is one of many that will be built around Texas and other neighboring states.
Mills said that the company is looking to expand to different areas throughout the country.
Mills first found out about the company in February, when a colleague of hers told her that the company was looking at different areas to build the entertainment center throughout Texas.
The company first got the demographics of the area and in March, the EDC began working on a project to bring the company into Copperas Cove and have since been in negotiations.
Mills said the company performed a market analysis of the area that had good results.
Mills said that the sale could also provide a spin-off effect by bringing in new business.
By law, the building will have to be sold as a commercial building, meaning it will have to be sold at market value. Currently, estimates are at $800,000, which includes the building and 6.3 acres of land.
If the building had been sold to an industrial prospect, the EDC would have been able to negotiate the sale and offer tax abatements.
City council would also have to approve the sale.
Mills said an official announcement of the sale is expected to be soon after negotiations are in order and have been completed.