WICHITA FALLS, Texas (TNN) - The Wichita Falls Business Park is about to get a $10 million upgrade. While it is a major project with a major price tag, city officials say they are hoping the pay-off will be ten-fold.
“So we think these expenditures and improvements will definitely be a huge advantage for the EDC in attracting future development out there,” Russell Schreiber, the city’s public works director, said.
The Wichita Falls Economic Development Corporation said despite that work to attract more development, there’s one major thing the business park is lacking.
“What we’re hearing from the EDC is the couple of businesses that we really thought were going to come out there we lost because we just weren’t shovel-ready.” Schreiber said, “we lost them to shovel-ready sites and cities.”
Wichita Falls already lost two potential corporations to other cities and officials said they don’t want to lose anymore.
“I hate hearing the feedback that we just don’t have these shovel-ready sites for them and they choose an Abilene or somebody else,” Mayor Stephen Santellana said.
Those improvements will be broken up into three phases and paid for with one $10 million bond. The 4A board will spend the next 30 years paying that off with existing sales tax revenue, so for taxpayers: “there’s no tax increase,” Paul Menzies, an assistant city manager, said.
The first phase of the project will be bid out in June. The entire project is expected to finish between the end of 2022 and early 2023.