Ferris, Texas (October 24, 2017) –Ferris Economic Development Corporation (EDC) announced the successful funding of the City’s two tracts of land totaling 9.79 acres of South I-45 Highway frontage road. Plans for developing the land are well underway with ventures for retail, dining and shopping.
Ferris EDC chose Government Capital Corporation to provide a 20 year term loan, secured by the EDC’s sales tax revenues. The loan was structured so that the EDC could have the most flexibility to work with the developer to maximize sales tax generation capabilities.
Sean Overeynder, Executive Director of Ferris EDC stated, “We had a very tight timeline to meet and Government Capital Corporation went above and beyond to help us move the project forward quickly. Their process is straightforward and they have excellent customer service.”
“Congratulations to the Ferris EDC for their vision and procurement of land in such an excellent location for development. The I45 corridor will continue to grow and be a significant contributor to sales tax revenues for Ferris for years to come,” stated Kevin Lerner, Senior Vice President of Government Capital Corporation.
About Ferris Economic Development Corporation
Ferris Economic Development Corporation is located in Ferris, Texas, on Interstate Highway 45, 20 miles south of downtown Dallas and serves approximately 2,600 residents. Because Ferris had four brick plants operating during the 1950s, the community gained its nicknames “Brick Capital of the Nation” and “The City that Bricked the World.” There are approximately 76,000 + consumers within a 17 minute trade area of Ferris. For more information: www.ferristexas.gov/economicdevelopment
About Government Capital Corporation
Government Capital Corporation is a leading public finance firm providing professional financial services to Economic Development Corporations and all other local governmental entities. Since its founding in 1992, the company has successfully completed thousands of project financings in Texas and across the country. For more information: 800-883-1199, www.govcap.com
