The industrial park, located along Southwest Boulevard, contains a roundhouse and other historic buildings. DST agreed to purchase the property from a subsidiary of the Hispanic Economic Development Corp. The development company is Westside Industrial Park LLC.
Improving the buildings in the industrial park area is expected to cost about $25 million, with additonal costs estimated at $3 million. The entire project is figured to cost about $31 million.
The renovated buildings would become the home of Output Technology Solutions Inc., a division of parent company DST Systems Inc.
Westside Industrial Park LLC is seeking property tax abatement to the tune of $14 million. The developer is also seeking tax credits in the amount of $2.5 million for historic renovation and preservation. The city has agreed to provide $14.3 million in financial assistance. About half that money was to come from the Federal Government. A grant previously awarded to the developer amounted to about $4.6 million.
If the developer does not receive the tax credits and the project is deemed economically unfeasable, Westside retains the right to tear down the historic buildings.
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