OEDC Prioritizes Main St, TIRZ, Lake in 2026
The Olney Economic Development Corporation will prioritize the formation of a new taxing zone, completing the Main Street Facade program its began last year, and will buy back lots zoned for housing from a Jacksboro developer, the OEDC budget showed.
The budget for the city’s economic development arm also includes more money in fiscal 2026 for training and travel, to allow board members to familiarize themselves with programs and organizations that could help with major projects, OEDC executive director Tom Parker said.
“There is more money in this budget for training and travel which represents bringing the board to the conferences I have been to … so they can go back and deliver that story and message so people can feel more confident and develop an interest in the projects which we have identified as a group,” Mr. Parker said.
The budget, passed last month by the OEDC board, sets aside: - $25,000 to form a Tax Increment Reinvestment Zone, - $50,000 to complete the Facade Plan to beautify and restore Main Street, - $67,500 to buy back housing lots from Crombie Properties of Jacksboro, - and $7,000 to clean up Lake Cooper and Lake Olney.
Facade Plan: Earlier this year, the OEDC and Grossman Design Build finalized a plan to spruce up Main Street to attract new businesses and tax revenue to town.
The Facade plan would renovate the downtown section of Olney from Avenue B to Avenue E, east and west, including Hamilton and Elm Streets, north and south, including the layout of parking, drainage, lighting, sidewalks, and building facades.
The Facade Plan is part of the OEDC’s wider strategy of creating a tax incremental reinvestment zone (TIRZ) along Main Street and State Highway 79 to fund upgrades to the commercial buildings within the zone.
Crombie Properties: The Crombies were unable to build on lots they purchased in 2023 because of problems with lot lines – neighboring structures that lay over the lot lines, Mr. Parker said.
Lake Cooper: The budget foresees spending to clear trees from Lake Cooper as part of a strategy to convince the Texas Parks & Wildlife Department to help the City build a fishing and boating dock and stock the lake with fish. The OEDC has discussed dredging the City’s reservoir to deepen it and to create a vibrant recreation area.
“The $7,000 we spend this year could turn into $150,000 next year in grants,” Mr. Parker said.
The OEDC’s budget may need some tweaking to accommodate costs for replacing the roof of the Tower Fab building at 100 Anderson Place after a strong storm tore off part of the roof, Mr. Parker said. OEDC owns the building and has leased it to Tower since 2009, he said.
The OEDC also anticipates spending an additional $260,000 to finish upgrades on the Sub-Courthouse on South Grand Avenue, including new ramps and handicapped parking, refurbishing the front steps and drainage, he said.
The OEDC budget anticipates $38,000 in interest income, $25,000 from the sub-courthouse lease with Young County, $82,000 in lease income from Air Tractor and Tower Fab and $178,000 in sales tax revenue from the City of Olney, the budget showed.