The Little Elm Economic Development Corporation would spend an estimated $250,000 to drill a water well on its lakeside property, and the operator of the wake park there would start paying rent in 2027, under a contract change the EDC board takes up Monday, Oct. 5.
The item is an eighth amendment to the development agreement among the town, the EDC and America's Cable Park. According to the staff summary from EDC Executive Director Jennette Espinosa, the EDC would install and own the well, which would be placed between Simms Harbor House and the Hydrous Wakeboard Park and serve the EDC premises.
Cable Park would cover the cost of maintaining and servicing the well as additional rent, which the EDC would reconcile and bill once a year. Starting May 1, 2027, Cable Park would also pay the EDC $36,000 a year in rent, in six $6,000 installments due on the first business day of each month from May through October.
The amendment includes a repayment clause. If Cable Park stops operating on the EDC property at any point within seven years of the amendment taking effect, it would reimburse the EDC for the well, with the cost prorated over that seven-year period.
The $250,000 would come from incentive money in the EDC's budget for fiscal 2026-27. Staff recommend approval.
