News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Two retailers have committed to exploring Cookeville as a possible location.
Thus, Putnam County’s option with a Nashville-based firm to sell the old fairgrounds has been extended 120 days. Mayor Randy Porter said the development company met its second requirement.
“They had to have at least one major retailer that had agreed that Cookeville would be a community that they would look coming to, be a market that they would look coming to, and they have at least two large retailers that have done that,” Porter said.
Porter said the next option comes in July where the firm will be required to present a contract from a retailer. Porter said two other developers have contacted him with interest in the land if the option with Baker Storey McDonald of Nashville expires.
“We’re just keeping our fingers cross and hopefully that one will work out in the next two to three months,” Porter said.
The purchasing firm has a total of four options between the start of the agreement and October of this year.
Porter said each of the four options include benchmarks the developer must meet to receive an extension. For example, to receive the first 120-day extension, BSM must have a major retailer with a store of at least 60,000 square feet in the fold. That retailer must have agreed to consider Cookeville as an approved market or agreed to consider the property as an approved site. If either happens, the developer would pay $5,000 for a 120-day extension.
