The Hays City Commission will consider securing an option to purchase property near the intersection of 27th and Commerce Parkway at its 6:30 p.m. Thursday work session.
Purchasing the property could allow the city to facilitate development in the area. There is infrastructure nearby, and the property could be conducive for retail, commercial or business park development.
“It does present the city with a lot of options and especially given the retail recruiter they recently enacted a contract with, it should help out with the overall retail market within the city,” Dougherty said.
The asking price for the land is $800,000.
The city has been offered an exclusive, irrevocable 18-month option to purchase the land for the amount of $50,000 down. The city manager already has paid $15,000 of that amount to secure the land while commissioners discuss making the purchase.
The option is offered to give the city time to consider the opportunity without the risk of another buyer closing the deal first, Dougherty said.
If the city chooses to buy the property, the $50,000 down is credited toward the purchase price at a pro-rated amount. The city could get credit for the full amount if the commission acts quickly, Dougherty said.
If the city makes the payment to secure the option then chooses not to purchase, the $50,000 would not be refunded.
The city commission last month voted to hire a retail recruiting firm — Alabama-based Retail Strategies — to help identify development opportunities and bring more businesses to town.