The city of Leander will become the new home for the nationu2019s first state-administered gold depository.

The nation’s first state-administered gold depository will be located in the city of Leander.Gov. Greg Abbott signed the existence of the Texas Bullion Depository into law after the 2015 legislative session. At the time, Abbott said having the depository would help keep Texas gold reserves secure, as well as keep taxpayer funds from leaving the state. Previously, the state paid storage fees to facilities outside of Texas.The Leander site was selected by Austin-based Lone Star Tangible Assets, the vendor hired by the State Comptroller’s office to build and operate the depository. The exact location of the site is being withheld for security reasons, but Matt Ferris, chair of Lone Star Tangible Assets, said the facility would be located near the Capital Metro railroad tracks in north Leander.Leander City Council approved an economic development agreement with Lone Star Tangible Assets for the depository during a Thursday night meeting. According to a press release from the Texas State Comptroller’s office set to be released Nov. 3, construction on the site is expected to begin in early 2018. Lone Star Tangible Assets expects the facility to be completed in late 2018 or early 2019.The depository will provide services nationwide in 2018, with international services to be offered in the future phases, according to the release.“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,” Texas Comptroller Glenn Hegar said in the press release.Ferris said Lone Star Tangible Assets is making room for more than 300 employees at the new location. He said the company will relocate its 100 current employees and add jobs as needed. He said nearly all of the company's positions are hired locally within a 50-mile radius.Leander Mayor Chris Fielder said the city is thrilled to build the depository in Leander.“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,” he said in the release. “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.”