During the July 6 special meeting, City Council members unanimously approved a measure that will lead to the purchase of approximately 18.5 acres located at 205 N. Industrial Blvd. for $9.5 million. By purchasing this property, the City will be able to control its future development. The property is currently owned by First Baptist Church of Euless and is the site of the church’s “Campus West.”
Bedford Mayor Michael Boyter read a statement after the Council approved the measure, stating, “The Bedford City Council has chosen to take a bold new step to ensure the economic stability of our City. By agreeing to purchase the Campus West property, we are continuing the commitment that we first publicly made in October 2017. By purchasing this property, we guarantee that there will be no apartments built on this site. No outside party will be able to tell the City to build apartments here. We will own the land, we will determine how this property gets developed…The decision to purchase Campus West has not been taken lightly. Never before has the City of Bedford taken such bold steps. In doing so, this City Council has made a decision to aggressively fix, repair, and rebuild this City.”
The funding for the purchase of the property will be through the issuance of taxable revenue bonds, supported by the revenue that will be generated by the property. Property taxes will not be impacted by this purchase.
The City has been in negotiations with the church for several months to determine a fair price for both parties. In anticipation of purchasing the land, Development staff has been working with a development partner to establish a concept plan and market the site to potential developers, buyers, or users.
The City’s purchase will trigger a full redevelopment of the land and a partnership with a quality developer who will develop the property with the highest and best uses. The ultimate vision for the property is a mixed-use project with a variety of uses that may include residential, retail, restaurant, office, hospitality, and entertainment. The City’s goal is to have development activity within one to two years, at most.
Over the next 60 days, the City will conduct a significant due diligence of the property, which will include a full appraisal and environmental assessment of the site. More information will be released, when available.
“The City has a unique opportunity to purchase a very prominent piece of property at the eastern gateway to Bedford and we plan to take advantage of it,” Bedford City Manager Jimmy Stathatos said. “This is an exciting situation that will allow us to control our destiny and maximize the benefit for our residents.”