Commissioners approve jail debt rate reduction, contract for sale of Long Hotel
Erath County commissioners on Monday voted to approve a contract from Helotes Group to sell the Long Hotel, a vacant property at 221 E. College Street, and refinance the county’s debt on the jail — at a significant savings to the county.
County Judge Alfonso Campos said the county approved a contract of $335,000 from Helotes Group for the Long Hotel.
“Now that the contract is approved, the county will be waiting on the earnest money and waiting on the transaction to finalize,” Campos said.
The refinancing of the remaining jail debt will reduce it from 3.8 percent to a 1.9 percent rate, and Campos added that will result in an overall savings of between $83,000 and $84,000.
“We had about six years left on the debt for the jail,” Campos said.
“It was originally financed in 2010. We’re very excited about saving that money.”
Of the the Helotes Group, Campos said, “They refurbish properties like this. I understand that’s what they do.
“What we’re interested in is that it gets back on the tax rolls.”
The Long Hotel has been out of use since the late 1970s.
A previous E-T article noted that the National Register of Historic Places states that the Long Hotel was built in 1938 by Fort Worth architect Wyatt Hedrick for Charles Long at a cost of $35,000.