· Peak
City Council votes 5-0 on AEDC purchase of 51.45 acres from Cooper Crouse-Hinds for $1,080,000
AEDC President and CEO Andreas Eckstein presented a purchase and sale agreement under which the AEDC would buy about 51.45 acres of the property at 1901 S. Farmers Ave. from Cooper Crouse-Hinds, LLC for $1,080,000 (about $20,991 per acre), with a 90-day inspection period that includes a Phase II study. The draft council minutes record a 5-0 vote on a motion "to take action on the purchase". The agreement includes deed restrictions limiting the land to industrial, warehouse or commercial use and an environmental release and indemnity from the AEDC to the seller.[1][2]
Andreas EcksteinCole StanleyTim ReidDon TippsDavid PrescottLes SimpsonAmarillo Economic Development Corporation (AEDC)Cooper Crouse-Hinds, LLC
What the sources say
- ✓ Verified
In this agreement the AEDC is the buyer and Cooper Crouse-Hinds, LLC, a Delaware limited liability company, is the seller. The memo states that 'The Amarillo EDC is interested in purchasing approximately 51.45 acres from Cooper Crouse-Hinds, LLC' and that the acreage 'would allow for extended capabilities and project opportunities in South Georgia Business Park.' [1]
- ✓ Verified
The purchase price is $1,080,000, which the memo gives as $20,991 per acre. The buyer deposits $10,000 in earnest money, of which a $500 option fee is non-refundable; the property is a portion ('Front Lot') of 1901 S. Farmers Ave., to be fixed by survey before the inspection period ends. The memo's funding summary reads 'Not applicable.' [1]
- Purchase price
- $1,080,000
- Price per acre
- $20,991
- Acres
- 51.45
- Earnest money
- $10,000
- ✓ Verified
Draft minutes of the September 22, 2026 meeting (item 7.8) record that Andreas Eckstein presented the item and that a motion by Councilmember Prescott, seconded by Councilmember Tipps, 'to take action on the purchase of Item No. 7.8' passed 5-0 (Stanley, Reid, Tipps, Prescott, Simpson). The minutes were on the October 13, 2026 agenda for approval. [2]
- ✓ Verified
The draft agreement (marked 'TH Draft 9/11/2026', effective date blank) gives the AEDC a 90-day inspection period during which it may terminate, limits invasive testing to a Phase I and a limited Phase II investigation without the seller's consent, and sets closing no later than 15 days after the inspection period ends. The property is sold 'as is'. [1]
- Inspection days
- 90
- ✓ Verified
The deed is to restrict the land to industrial, warehouse or commercial uses that do not require residential cleanup standards (barring housing, schools, daycare, hospitals, places of worship, lodging and recreation) and to bar use of groundwater. The AEDC represents that it has received the seller's environmental reports, releases the seller from claims under environmental laws, and indemnifies the seller for hazardous materials on or emanating from the property; the release is to be included in the deed. [1]
- ✓ Verified
Neither the AEDC board packet nor the council packet names a prospective user or project for the acreage, and neither states why the agreement includes the environmental release and use restrictions. No incentive agreement with Cooper Crouse-Hinds was located, and no news coverage of the September 2026 votes was located. [1][3]
- Pending
As of October 14, 2026 no source located reports the agreement's effective date, the outcome of the inspection period, or a closing. [1]