Often, during conversations, people are surprised to learn that Windcrest is on the Deeds to vacant land which is located in San Antonio. Actually the tax records reflect City of Windcrest Economic Development Corporation (WEDC). Many people assume the vacant land they hear being discussed is the vacant land adjacent to Rackspace, often referred to as the 111 Acres. But this is absolutely Wrong. The City of Windcrest Economic Development Corporation holds the title to some 150+ acres in San Antonio City limits. I'm Not talking about the 111 acres, I'm talking about another 150+ acres that San Antonio does not collect property tax on because WEDC is tax exempt.
There are 6 parcels for an approx total of 150+ acres still in WEDC name as of July 2013. The property between McDonald's and Pep Boys (little less than 30 acres) along Walzem Road was recently transferred from WEDC's name to IWANTAOIL, LLC . IWantaOil then sold it to Walmart as of May 2013.
However, the vacant property behind this Walmart property all the way to Eisenhauer and north to the nursing home and even 3 parcels on the West side of Eisenhauer are still deeded to WEDC.
During a recent WEDC board meeting the acting Executive Director said he was working on getting those properties out of WEDC's name because of "liability Issues," but nothing has happened to date.
The original agreement to place the property (then 180acres) in WEDC name was part of the incentive to get Gary Cain and Michael White to purchase Mall (now Rackspace) and the 111 acres. They get to hold the 180 acres, tax free until they find a buyer, sweet deal. They found a buyer (Walmart) for about 30 acres so that was moved back onto the San Antonio tax rolls. No telling how long before the rest sells.
The 111 acres adjacent to RackSpace has been purchase by Stafford Properties and taken out of WEDC name. The Rackspace building is still deeded in WEDC name as Rackspace has a paid 30 year lease on those facilities.
During a recent WEDC board meeting the WEDC board president asked a rhetorical question "Who owns that property, We do, the WEDC owns it."
