Airport, apartment projects delayed, but still on track

Two projects that have been in the works for several months have been temporarily put on hold according to reports discussed in the annual meeting of the Brady Economic Development Corporation (BEDC) Tuesday evening. The first project, an airplane repair and maintenance operation proposed by Rick Carthan of Oklahoma City, has been delayed reportedly for only another week. According to members of the BEDC, the original contract Carthan Aviation was seeking with Saab aircraft fell through due to lack of adequate immediate facilities. Carthan had originally intended to open a repair and maintenance operation and expand the facility as contracts were approved and facilities could be built. After the Saab contracts fell through, Carthan reassesed his goals and has spent the past several weeks regrouping and wrapping up details required to relocate to Brady. On Wednesday, Carthan reassured the BEDC that he would be relocating to the area as early as next week and Carthan Aviation would begin operation on a smaller scale as an aircraft maintenance shop. Carthan spoke with airport manager Joe Mosier and also with BEDC president Kim King Wednesday. King was not available for comment but according to Mosier, Carthan is expected to be in Brady as soon as next week. “Right now he is rounding up tools and smaller contracts, but he fully intends to be here next week,” said Mosier. A second project that will ultimately result in a new 60-unit apartment complex that will be located on the lot adjacent to the Sunset Ridge Church of Christ has also been temporarily delayed. According to Leslie Donaldson with Donaldson and Associates, the Sagebrush apartment complex is still going full speed ahead, but the closing on the land has been delayed one month while investors for the project are finalized. “Our architects and engineers are currently working on the plans and doing all of the behind-the-scenes work,” Donaldson told the Brady-Standard Wednesday. “We are close to signing an equity agreement with prospective investors. Once that is completed, we will proceed with the project. We are very excited and plans are continuing with the pre-development phase and we hope to be done by the end of October. “Texas Bank in Cleburne has agreed to provide the interim construction loan and now we are finalizing the construction and mortgage financing.” The total cost of the Sagebrush project is $4.5 million, of which only $700,000 will be carried as conventional debt. The other funding will be supplied by the issuance of tax credits to investors. The approval of this project by the board at the Department of Housing and Community Affairs allows them to issue tax credits to investors.

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