Crossville Reduces Asking Price For Business Park Site Pad

The asking price for a site pad at the Crossville Interchange Business Park will be a little cheaper.

City Council reduced the $100,000 listing price to $40,000 an acre Tuesday night.

Councilman Rob Harrison said the 20-acre site received little interest under the higher sale price.

“I respect the cost that we have put into this,” Harrison said. “Our primary goal has been to get jobs that are paying well above average, and I’m counting on being able to do that, even though the price is lower than the cost that we’ve incurred on this. I’m also a believer in markets and that you have to go with what the market will bear at the moment.”

Councilman J.H. Graham voted against the price reduction because the city has more than $75,000 an acre invested in the property. Councilman Scot Shanks and Mayor Pro Tem Art Gernt voted for the lower asking price.

Mayor James Mayberry said he proposed the new price after comparing listing prices for similar sites across the state.

“Most of these are in reference to being close to an interstate, which ours is,” Mayberry said. “We’ve been at $100,000 and have had no hits. The Economic Development Department of the State of Tennessee recommends $20,000 to $25,000.”

Mayberry said the city requires any business prospect to have a wage rate at least 10-percent above the standard industrial wage in Crossville and a minimum of 100-jobs.