San Antonio – Is the CPS Energy Board of Trustees still the best idea of offering millions of dollars’ worth of prime downtown real estate staring at some tough barrels of financial hardship, including almost certain rate hikes? You have to choose.
In 2015, the then administrators of the utility companies decided to split the 7-acre surplus on the corner of Camden Street and W. Jones Avenue in half, move the south to the San Antonio Museum of Art, and sell the north. I agreed. Part.
According to an article in the San Antonio Report of the decision, the museum planned to use its talented property for offices, education, and showrooms.
However, according to a presentation prepared for trustees by CPS Energy, the utility was “unable to reach an agreement with SAMA on the final document before the 2019 expiration date”. Therefore, the land was not transferred. The northern part has not yet been sold.
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The trustee will discuss on Monday whether to donate 3.47 hectares to the museum or pool it with the 3.45 hectares in the north to market and sell together.
CPS Energy did not make an estimated market value for locations along the Riverwalk, across from Pearl’s I-35, but the Bexar County Appraisal District states that half of the two assets are worth about $ 11 million each. Increase.
326W on the corner of Camden Street. CPS Energy’s excess parcel on Jones Avenue has been declared redundant since 2015. The original plan was to split the approximately 7-acre site in half and bring the south to the adjacent San Antonio Museum. Selling art and north. However, the land transportation was not completed before the 2019 deadline. Therefore, the trustees of CPS Energy will discuss whether the land should continue to be donated to SAMA or bundled in the north and sold together.
Given that utilities are poised to press for price increases, faced $ 1 billion in bills in February, and 85,000+ customers eligible to shut down, what? Giving one can be a much more difficult sale.
“In 2015 we were very healthy financially,” said Lisa Lewis, chief administrative officer of CPS Energy. “Of course we are facing a challenge right now. We have customers over $ 100 million behind and need help. The results of Winter Storm Uri are challenging so obviously ours. There are many things that the board should consider. “
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Anthony Edwards, former director of CPS Energy and current member of the utility’s collective bargaining board, said, “” Giving is really counterproductive to your business strategy. “
Edwards, who is also a volunteer trustee at SAMA, believes utility companies should sell the southern half of their properties given the financial problems faced by utility companies and their customers. Called.
“It might have been right back then, but it just doesn’t fit into today’s reality,” he said.
According to Lewis, the property is not on the market but people have contacted CPS Energy to buy it.
“But if we could sell the property, we would be giving ourselves money that could lower our operating costs and help our customers.” So you know the board must certainly think about it a little. “
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SAMA Board Chairman Ed Hart sent KSAT the following written statement:
“In 2015, CPS Energy and the San Antonio Museum of Art (SAMA) began discussing one of the CPS properties adjacent to the museum on Jones Avenue. The conversation is ongoing and at the CPS board meeting on Monday. Our presence is part of this process. SAMA continues to have a great partnership with CPS and we are both working to make the city of San Antonio a great destination to visit. “
CPS Energy Board CPS Energy Headquarters at 500 Macaro Avenue at 1:00 p.m. on Monday, September 27th. The meeting will also be broadcast live.
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Source Link CPS Energy Trustees are considering transferring or selling downtown real estate
source https://www.bisayanews.com/2021/09/24/cps-energy-trustees-consider-transferring-or-selling-downtown-real-estate/
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