The Temple Economic Development Corp. is set to buy one of the last large, vacant tracts inside the Industrial Park after the City Council signed off on an agreement to fund the purchase.

The Council, in a unanimous decision Tuesday evening, agreed to provide $3.74 million to fund the Temple EDC’s acquisition of nearly 147 acres on the southwest corner of Moores Mill and Wendland roads in North Temple.

“The purchase price for that tract is $3.69 million,” City Attorney Kathryn Davis said. “Under the purpose agreement, the TEDC will purchase the property and market it to an economic development prospect or prospects, and the city will provide $3.74 million to TEDC to fund the purchase price plus the closing costs and any other incidental costs.”

Council member Susan Long acknowledged that this is a huge expenditure right now, but that money will come back to the city.

“Once TEDC sells the property to those economic development prospects, they will transfer the proceeds of those sales back to the city,” Davis said.

That, Long and Council member Jessica Walker said, is a win-win for Temple.

Temple EDC President Adrian Cannady told the Telegram sites like this give the city an edge when trying to lure businesses here.

“Our calling card and differentiator in Temple, Texas — with respect to economic development and our success — has been the preparedness and readiness of sites that we can offer to industry and businesses looking to locate to the area,” he said, explaining that sites prime for development are those with existing infrastructure, such as water, sewer and roads.

Long also pointed out the large tract is near a railroad line.

“Good development potential,” she said.

Typically, Cannady said, the larger a tract is, the better it is to market it to prospects. That helps attract investors and businesses to Temple, the TEDC president explained.

“We just want to make sure we’re staying ahead of the game in that effort,” Cannady said.

Walker and Long described this as an amazing opportunity for Temple.

“It looks like Adrian Cannady has done his job well, and we have a lot of individuals and businesses interested and are looking for tracts of that size,” Walker said. “We seem to be running out of land in that area.”