The Commerce Journal

Local News

April 24, 2012

Potential land sale falls through

$1 million, 7.31 acre deal nixed due to third party mineral rights

COMMERCE — A pending land sale between Texas A&M University-Commerce and Armstrong Development Properties, Inc. will not be taking place, according to A&M-Commerce Assistant Vice President for Business Services and Director of Employment Services Rex Giddens. The sale of 7.31 acres for $1 million was approved by the Texas A&M Board of Regents in May of 2011, but the university was unable to come to an agreement for the surface mineral rights.

"The reason for the cancellation of the purchase agreement was failure to obtain a clear title with full surface rights," Giddens said. "The University administration is very disappointed but will pursue a solution to the title issue and seek future development opportunities to support our students and the Commerce community."

The discovery period for the sale was delayed twice for three months each over the past year.

“Last week Armstrong Development asked and was granted a 3 month extension on the discovery and permitting period, [which will now run] through February,” Giddens said in December of 2011. “Some of the acreage in the development had the mineral rights retained by past owners when the land was donated or purchased by the University.”

The second delay was announced in March 3.

“Due to final signatures, filing deadlines, and approvals, the discovery period was extended through April,” Giddens said. “The final approvals were not completed by the lawyers until February for the 90 day extension. [We’re] looking at May now.”

The university looked to sell the land because it was not part of A&M-Commerce’s long-term plan, according to Giddens.

In their concept to A&M-Commerce, Armstrong proposed a fast-food restaurant, retail shop and sit-down restaurant. The cornerstone of their development would most likely have been a CVS Pharmacy, a company that Armstrong is a developer for.

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