The EDC can recommend buying five Gruene Road parcels or release $5,000 from escrow for a final feasibility extension through Jan. 20, 2027; neither step completes the sale.
New Braunfels residents have a stake in whether economic-development funds buy five adjacent parcels now or the land stays under contract while planning continues.
The archived contract lists five parcels totaling 6.688 acres at $4.6 million and credits deposited earnest money at closing.
What the escrow money does
The purchase agreement required an initial $50,000 earnest-money deposit and allowed another deposit for the original 90-day extension. If the transaction closes, all deposited earnest money is credited at closing rather than added to the land price.
The project’s later extension costs have different terms. The EDC item says the board approved $75,000 in May 2025—$50,000 to secure the parcels and $25,000 for due diligence—then approved $26,800 in February 2026 for another 90 days. A June amendment authorized two further extensions, each requiring a $5,000 release from escrow to the sellers.
How the price compares with the earlier study
Economic and Planning Systems calculated an estimated market range of approximately $4.37 million to $4.66 million for the adjoining land, using $15 to $16 per square foot. It listed about $5.83 million, or $20 per square foot, as maximum consideration. The contract amount sits inside that older study range.