AMARILLO - The City of Amarillo will be swapping properties with Amarillo Coca-Cola Bottling Co. to help advance downtown redevelopment efforts.
City commissioners approved a plan by the Amarillo Economic Development Corp. to renovate the former Zarges building in the CenterPoint Business Park and trade it for three and a half blocks the bottling company operates in the area around Southeast Seventh Ave. and South Lincoln St.
“Coca-Cola will own the building, and we’ll get their property in exchange,” AEDC President and CEO Buzz David said. “At some point, I’m sure we’ll deed it to the city for development.”
The land and buildings the beverage company will leave are appraised for tax purposes at approximately $2.4 million, according to the Potter-Randall Appraisal District.
The construction cost of the original Zarges building at CenterPoint plus the proposed additions AEDC will pay for total about $8.65 million.
The city and its private development partner, Wallace Bajjali Development Partners, plan to put a $30.3 million ballpark and entertainment venue on the land where Coca-Cola is now.
They also plan to build a $69.3 million hotel and $13.4 million parking garage nearby across South Buchanan St.
Coca-Cola paid $55,169 in property taxes last year for its land and buildings downtown and more property it uses to do business.