Development
Development
BY AMIRA VAN LEEUWEN
Motor vehicle transmission manufacturer sets sights on Buda
Hays Co. Bar-B-Que looks to open in Kyle Family-owned Hays Co. Bar-B-Que is looking to open a new location in Kyle at 505 S. Old Hwy. 81. The barbecue joint is locally owned by Michael and Asenette Hernandez and was established in 2007. Project details The project is being considered with a Chapter 380 Economic Incentive Agreement for a one-time maximum $300,000 grant for utility improvements. A three-year restau- rant incentive is also being considered with the Chapter 380 agreement. The proposed 2,000-square-foot restaurant would have a large playscape, outdoor music stage and outdoor walk-up bar. Phase 2 could include a two-story layout with retail upstairs, according to agenda documents.
Low-income multifamily project moves forward San Marcos City Council approved another tax credit resolution for a proposed low-income multifamily housing project—The Springs—on July 2. This is one of several proposed low-income housing projects the dais has supported this year. Council also approved a $400,000 lump sum payment in lieu of taxes. The apartment would be located between Aquarena Springs Drive and Davis Lane. Applicant Joe Pollack with Streamline Advisory Partners LLC will be partnering with the San Marcos Housing Authority to provide 304 income-restricted units, according to agenda documents. The Springs will offer a wide range of amenities including a swimming pool, a furnished fitness center and community room, and an enclosed dog park. There will also be support services provided to residents, such as notary services during regular business hours and rent reporting to credit bureaus.
The Springs—a proposed multifamily housing project—will have a total of 304 income-restricted units, according to agenda documents. Breaking down the project Income restriction Number of units $0-$35,040 46 $58,401-$70,080 258
What they’re saying
Jennifer Storm, Buda’s economic development corporation CEO, said Buda is the perfect place for Tesla suppliers, such as Futronic. Shannon Mumley, Buda EDC Assistant Director said Futronic would be Buda’s largest employer.“Buda has a skilled workforce, with a school district that provides robust CTE programming, so this is a real asset for not only our economy but for families and future generations,” Mumley said in a news release.
Futronic USA Inc., a motor vehicle transmission and powertrain parts manufacturer, plans to open its first-ever U.S. location in Buda, according to a news release. The South Korea-based company—which also supplies Tesla—will be located at 2899 Business Park Drive. Hays County commissioners unanimously approved a Chapter 381 Economic Incentive Agreement on July 16. A Chapter 381 agreement allows counties to negotiate directly with developers and businesses to provide incentives that will encourage developers to build in their jurisdictions, according to the Texas Comptroller’s website. The city of Buda is also offering its own
incentive, which will consist of a 50% property tax rebate each year for 10 years. Futronic USA is aiming to begin production by the end of the third quarter in 2025. The company, which began in 1993, has supplied a variety of motors, actuators and controllers to automotive companies across the globe, according to a news release.
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The Springs Apartments
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Futronic USA Inc. is providing: $17 million in capital investment $11 million to acquire the building 350 high-paying jobs
B U S I N E S S P A R K D R.
Offering input Council member Jude Prather said housing affordability is a common concern among residents. “Two of the most proven ways to address housing affordability is to increase supply and subsidizing housing, and this does both of those,” Prather said.
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G A T E W
SOURCE: GREATER SAN MARCOS PARTNERSHIP/COMMUNITY IMPACT
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SAN MARCOS 510 Barnes Dr (512) 392-0366
CREEKSIDE TOWN CENTER 263 Creekside Crossing (830) 608-1969
SOUTHPARK MEADOWS 9900 IH-35 Service Rd S (512) 280-7400
NEW BRAUNFELS 1671 IH-35 S (830) 629-0434
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