Two years after Gov. Greg Abbott announced Texas would build the country’s first state-run gold depository, the project took a major step forward Wednesday.

Comptroller Glenn Hegar announced at a news conference at the Capitol that his office had selected Austin-based Lone Star Tangible Assets as the private vendor tasked with building and operating the Texas Bullion Depository.

“The Texas Bullion Depository will offer Texas safe, fully-insured storage of precious metals providing an alternative to the depositories largely located in and around New York City,” Hegar said.

In 2015, the Texas Legislature passed House Bill 483, creating a gold depository in Texas. The project’s main cheerleader, state Rep. Giovanni Capriglione, R-Southlake, was only able to pass the bill after rewriting it to ensure there would be no cost to the state by requiring that a private vendor run it and charge fees.

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