Potential Deal for Iowa Park Walmart Building - Newschannel 6 Now | Wichita Falls, TX

Potential Deal for Iowa Park Walmart Building

A Texoma company has made an offer to lease space in the old Iowa Park Walmart building. But, City Council had some issues with the deal.

Sealed Air, Cryovac Division made the offer to city officials. The company hoped to lease around 20,000 square feet of the building for warehouse use. The offer would have worked out to around $67,000 over two years.

But, City Manager Michael Price said it would cost the city $65,000 to remove asbestos before the site could be used for a warehouse. The deal would essentially be a wash.

Price also said the deal would leave around 11,000 square feet of unused space in the building without access to a dock or its own entrance. Renovations to correct that problem would cost in the neighborhood of $100,000. Price said that "just can't be justified."

So, councilors unanimously voted to propose a counteroffer. The offer would include the entire 31,000 square feet on the west side of the building. It would come to around $84,000 over two years. That would cover the cost of asbestos removal and part of the money the city spent on the building.

Price said the city has yet to hear back from Sealed Air, Cryovac Division officials on the offer. The company's complex manager Barry Hardin said it's still too early in the negotiation process for him to comment.

Even if the city reaches a deal with Sealed Air, it would likely not create any new jobs. That was something Price has hoped the building could attract. Price did say, the move could help retain jobs in the area though.

Price also said there is another party that may be interested in the smaller east side of the building. Any deal for that 9,000 square feet of space, Price said, isn't likely until after the new year.

Tim Barnosky, Newschannel 6. 

 

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