Texas Comptroller Glenn Hegar Joined by Other Officials for Groundbreaking Ceremony of Texas Bullion Depository
(LEANDER) — State and local officials joined Comptroller Glenn Hegar today at a groundbreaking ceremony for construction of the Texas Bullion Depository.
“This groundbreaking is a milestone in what is a historic achievement: the first ever state-administered gold bullion depository,” Hegar said. “I’m very proud of the work my team has done, and I’m thankful for the efforts of (depository operator) Lone Star Tangible Assets to make this day a reality.”
The 40,000-square-foot facility will be built on ten acres on Heritage Grove Road near Highway 183. Construction is expected to be complete in late 2019, said Matt Ferris, chairman of Lone Star Tangible Assets (LSTA).
“This vault will be the largest Class 3 vault in the state. It will weigh as much as ten NASA space shuttles and have the capacity to hold up to $350 billion in precious metals, more than is currently held in Fort Knox,” Ferris said. “If market forces dictate, and we think they will, the site will have the capacity to expand by an additional 85,000 square feet.”
Hegar was joined at the ceremony by Leander Mayor Pro Tem Michelle Stephenson and State Rep. Giovanni Capriglione, author of the legislation that created the depository as a state entity under the Comptroller’s purview.
Since June, LSTA has operated a Class 3 vault in Austin that will continue to serve as the depository’s temporary location until the new facility is complete. MHT Constructors, LLC, is the general contractor that will build the vault, the Comptroller’s office and LSTA announced last week.
LSTA is shouldering the entire cost of building the depository. It will include space for highly secure precious metals storage and will incorporate the latest technology in security systems, including excellent perimeter defense and high-definition security cameras.
When the Comptroller’s office announced in 2017 that Leander would be the future home of the depository, city officials hailed the decision as one that would bring sustainable jobs and encourage other industries to consider Leander as a corporate destination.
“This is a huge win for the citizens of Leander,” Stephenson said. “We’re proud to be the Texas home for precious metals, and it strengthens our reputation as a growing business destination. The Comptroller’s office and Lone Star Tangible Assets have been outstanding partners in this effort.”
Added Hegar: “While the existing temporary facility is already accepting deposits at TexasBullionDepository.gov, we will continue to update Texans on the progress of this new facility and hope you will all join us for a ribbon cutting right here in Leander in 2020.”