CPS Energy Trustees Consider Moving or Selling Downtown Real Estate

Texas News Today

San Antonio – Is the CPS Energy Board of Trustees still the best idea to offer prime downtown real estate worth millions of dollars, while still staring at some tough barrels of financial hardship, including almost certain rate hikes? You need to decide.

In 2015, utility trustees at the time decided to split the nearly 7-acre surplus at 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 Reports on the Decision, the museum plans to use its gifted wealth for offices, education, and exhibition space.

However, according to the CPS Energy presentation prepared for the trustees, the utility “could not reach an agreement with SAMA on the final document before the 2019 end date.” Hence the transfer of land was not done. The northern part is not sold yet.

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The trustees will discuss Monday whether to go ahead with donating 3.47 acres to the museum or to market and sell it together with 3.45 acres of real estate.

CPS Energy did not provide an estimated market value for the locations along the Riverwalk across I-35 from Pearl, but the Bexar County Appraisal District says the two properties are worth approximately $11 million each. Growth.

326W on the corner along Camden Street. The surplus parcel of CPS Energy on Jones Avenue has been declared surplus since 2015. The original plan was to split the approximately 7-acre site in half and move south to the adjacent San Antonio Museum. Selling Art and Northern. However, land transport was not finalized before the 2019 deadline. Therefore, the CPS Energy trustees will discuss whether to continue donating the land to Sama or to bundle it up north and sell it together.

Given that utilities prepare to push for price increases, face $1 billion in bills in a February freeze, and more than 85,000 customers eligible to turn off electricity, what? Giving one can be a more difficult sell.

“In 2015, we were in a very healthy financial position,” says Lisa Lewis, CPS Energy’s chief administrative officer. “Obviously we are facing a challenge right now. We have customers with over $100 million outstanding and need assistance. The results of Winter Storm Uri are challenging, so obviously we have several things that the Board should consider. “

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Anthony Edwards, a former CPS Energy executive and current member of the utility’s Tariff Advisory Board, said: “”Giving something really goes against your business strategy.

Edwards, who is also an honorary trustee at SAMA, believes utilities should opt to sell the southern half of their real estate, given the financial problems facing utilities and their clients. said.

“It may have been true at the time, but it doesn’t fit into today’s reality,” he said.

According to Lewis, the property is not in the market, but people have approached CPS Energy to buy it.

“But if we can sell the assets, we will give us money that can lower our operating costs and help our customers.” So you know, that’s definitely something the board has to think about. “

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Ed Hart, Chairman of the SAMA Board, sent the following written statement to KSAT:

“In 2015, CPS Energy and the San Antonio Museum of Art (SAMA) began discussions on one of the CPS properties next to the museum on Jones Avenue. Negotiations are ongoing and at the CPS board meeting on Monday. Our attendance was part of the same process. SAMA is enjoying a great partnership with CPS and we both see the city of San Antonio serving as a great destination city.”

CPS Energy Board CPS Energy Headquarters Building at 500 Macaro Ave. on Monday, September 27 at 1:00 p.m. The meeting will also be telecast live.

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Source Link CPS Energy Trustees Consider Moving or Selling Downtown Real Estate

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