(COMPTROLLER.TEXAS.GOV) — Texas Comptroller Glenn Hegar announced today that the city of Leander will be the future home of the Texas Bullion Depository.
Construction on a multi-acre site is expected to begin in early 2018. The site was selected by Austin-based Lone Star Tangible Assets (LSTA), the vendor selected by the Comptroller’s office to build and operate the nation’s first state-administered gold bullion depository. 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.
“I am pleased that LSTA and the city of Leander have reached an agreement to make this historic facility a reality for the people of Texas,” Hegar said. “The Texas Bullion Depository is another example of the innovative and entrepreneurial spirit Texas fosters. This state-of-the-art facility will provide tremendous benefits to the citizens of Leander and will give Texans a secure facility right here in the Lone Star State where their gold and precious metals will be kept safe and close at hand.”
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. The exact location of the site is being withheld for security reasons.
“I’m truly excited to build Lone Star Tangible Assets’ new headquarters and the Texas Bullion Depository in Leander,” said Matt Ferris, chairman of Lone Star Tangible Assets. “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. 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.”
Tom Smelker, director of Treasury Operations at the Comptroller’s office, was named as the depository’s administrator earlier this year. Although the depository will be located in Texas, it will provide services nationwide in 2018, with international services to be offered in future phases. LSTA expects the brand-new, purpose-built depository facility to be completed late in 2018 or early 2019.
“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.”
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