A plan to sell 85 acres of land at a Southeast side business park to Nexolon America for $5 million is being viewed with skepticism by District 9 Councilwoman Elisa Chan.
Chan says the land is worth closer to $17 million.
Her policy, she says, is to spend money cautiously.
“When I spend other people’s money, I am very, very careful,” Chan said.
Chan noted that Nexolon is already receiving a generous amount of incentives from the city. But says she understands that they are the cost of doing business.
“I know incentives oftentimes are not popular but sometimes (they are) necessary tools, “ she said.
Nexolon will manufacture solar panels for OCI Solar America. They’ve promised to sell solar power to CPS Energy and the two firms plan to invest $100 million and bring 800 new jobs to the area.
Aside from her money concerns, Chan says she is also concerned about Nexolon’s viability.
“Should it go under, the land will still be in their control and that land can be very valuable 10 years from now,” Chan said.
She added that it is her hope that the venture is successful.
The Brooks Development Agency will vote on the proposal at their monthly meeting on Tuesday.