EDC to donate $2.5 M to S&W

October 04, 2012, 9:00 pm by Adam Troxtell

The Economic Development Corporation board has asked staff to draw up an agreement to give up to $2.5 million to Scott & White as the company continues hospital construction.

The money – an unbudgeted item – was requested by Scott & White as incentives to provide utilities improvements for the Hurd Regional Medical Center, which is being constructed near the intersection of US 281 and TX 71. The EDC board met in executive session at their Thursday afternoon meeting to discuss the details of any incentive deal, after which they asked staff and legal counsel to draw up a mutually acceptable performance agreement.

"I can’t see where there will be another economic development opportunity like this to be a part of,” EDC Director Steve Reitz said.

In order for the EDC to give Scott & White the money, the funds must be used for infrastructure, Executive Director Christian Fletcher said. In this deal, Scott & White could use the $2.5 million toward construction costs and move money they would have used for that purpose into their fundraising pot. For the rest of this story see Friday's Highlander.