Latest Transfer at Red River Marks Major Milestone for TexAmericas Center
- October 5, 2011
The Army last week conveyed 2,850 acres at Red River Army Depot to TexAmericas Center in northeastern Texas, allowing the LRA for the depot and the former Lone Star Army Ammunition Plant to gain ownership over the bulk of excess property generated by BRAC 2005 at the two sites.
In all, TexAmericas Center — formerly the Red River Redevelopment Authority — has obtained 11,724 acres from the Army via an economic development conveyance (EDC). The 2,850 acres handed over to the LRA at Red River, which was realigned under the most recent BRAC round, is largely forested land used as a buffer zone around the Army’s ammunition storage igloos; it includes 160 igloos.
The Army and TexAmericas Center completed the transfer of 8,874 acres at Lone Star, which closed under BRAC, one year ago.
“It is another very historic occasion for the community,” said Bill Cork, CEO at TexAmericas Center.
The Army still needs to dispose of a separate, 980-acre parcel at the depot, most likely through a public auction. The proceeds from that sale will count as one component of the Army’s consideration under the terms of the EDC agreement with the LRA. The Army is retaining the timber rights for the next six-and-a-half years on the parcel conveyed last week as the other component. The EDC does not require TexAmericas Center to make any cash payments to the government.
“It was a win-win for both the federal taxpayer and for the community,” Cork said.
TexAmericas Center plans to hold the property until a market demand for it emerges and it can be put to productive use.