Development Corporation of Abilene submits budget, purchase request

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ABILENE, Texas (KTAB/KRBC) – Technical difficulties for Abilene’s virtual city council meeting caused some items on the agenda to be pushed to the next meeting towards the end of May. Topics regarding the Development Corporation of Abilene (DCOA) were still heard, and both passed.

The first item on the regular agenda detailed the DCOA’s budget for FY 19-20. In addition to their normal operating expenses, the DCOA outlined another item that is particularly important now.

“The DCOA set aside monies for type A qualified companies that might need relief from the recession from the impacts of COVID-19,” DCOA CEO Misty Mayo said.

Another aspect of the budget caused some confusion. An extra $1 million was initially considered to be a “blank check” by some members of the council, but it was explained as the DCOA planning ahead for expenses they expect to see later.

“This is not money that we can hold, nor do we ever hold money, nor can we spend this money on other items,” said Mayo. “It is only approved for contractual relationships that we would enter into with companies for their expansion efforts.”

The second item on the regular agenda was also the second DCOA item. The City approved their plans to buy the Cypress Building in Downtown Abilene. It’s the building they already call home.

“This opportunity is one that will help not only enhance Downtown Abilene, but ensure that through the ownership from the DCOA that we can be a longstanding, contributing office partner in Downtown Abilene,” said Mayo.

For nearly $1 million, the DCOA will buy the building, along with furniture and fixtures. They’re hoping to keep the Chamber of Commerce and Texas Star Trading Company in their current places in the building as well.


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