Leander will be the future home of the Texas Bullion Depository, the nation’s first state-administered gold depository.
Texas Comptroller Glenn Hegar announced Friday that Austin-based Lone Star Tangible Assets (LSTA), the vendor selected to build and operate the depository, selected the site. Construction on the multi-acre site is expected to begin in early 2018.
The exact location of the site is being withheld for security reasons.
Gov. Greg Abbott approved Texas Bullion Depository plans after the 2015 legislative session. After then signing HB 483, Abbott said the depository would increase the security and stability of state gold reserves and keep taxpayer funds from leaving Texas to pay for fees to store gold in other states’ facilities.
The new facility will include space for highly secure precious metals storage and will incorporate the latest technology in security systems, including advanced perimeter defense and high-definition security cameras.
Due to the unique nature of the facility, the city of Leander has authorized LSTA to build its own on-site firearms range and tactical training area.
Although the depository will be located in Texas, it will provide services nationwide in 2018, with international services to be offered in future phases.
City officials lauded the depository as a boon for the city’s economy.
“We are thrilled to have Lone Star Tangible Assets and the Texas Bullion Depository in Leander,” Leander Mayor Christopher Fielder said. “As one of the safest and fastest growing communities in the nation, I can't imagine a better place for companies in the precious metals industry to operate. We believe Leander is a growing destination for business, and I am proud to have us represent the state of Texas in this joint enterprise.”
The development is “exactly” what Leander has been looking for in economic development, said Mark Willis, Leander’s economic director.
“The city’s agreement with Lone Star Tangible Assets will bring sustainable jobs to our workforce and encourage other industries to consider Leander as a corporate destination,” he said.
LSTA has been growing steadily for years into more than 100 employees, and the company intends to tap Leander’s growing population for future workers at the facility, said John Hutmacher, CEO of LSTA.
“We intend to begin hiring more staff members as we move in and settle into our new facility,” he said. “Our staff is excited about the move to Leander and many are planning to relocate to the area to join the local community.”
LSTA is an industry leader in the precious metals business and was selected as the operator for the depository based on its innovative solutions and their experience in the precious metals business, according to the release.
“The representatives and city officials of Leander, including Mayor Chris Fielder and Chief of Police Greg Minton, have been extremely helpful and supportive during our research and evaluation periods,” said Matt Ferris, chairman of Lone Star Tangible Assets. “In addition, Mark Willis from the Leander Economic Development Corporation worked tremendously hard to craft an incentives package that made sense for both Lone Star Tangible Assets and the city of Leander.”
Leander has a population of more than 52,000, a 100 percent increase since 2010, according to city officials.
“The decision by Texas Bullion Depository ranks as one of our most exciting developments to date,” said Kent Cagle, Leander city manager. “With a new hospital and college campus also on the horizon, this adds another dimension to our expanding local economy.”
For more information, visit TexasBullionDepository.Gov.