Wimberley received a small patch of its downtown last week from Pedernales Electric Cooperative (PEC).
PEC transferred a 0.158-acre tract to the city after the cooperative scrapped its own plans for the land. PEC purchased the land in 1995 as the site of a transmission tower, which it no longer intends to build.
So, PEC directors passed a resolution transferring the land to the city at an October meeting. Because all PEC property is part of the collateral used to secure the cooperative’s bond debt, a release of the lien was required for the transfer to take place.
PEC said both the cooperative and the city will benefit from the land transfer. PEC can release land no longer necessary for business purposes and eliminate its annual taxes on the property. Wimberley receives a centrally located piece of land that can be leveraged to enhance the city’s appearance.
“I am pleased that PEC could work in a positive way with the good people of Wimberley,” PEC General Manager Juan Garza said.
The conditions of the transfer require that the city landscape the land for public use.Email | Print