News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
City of Cookeville continues to weigh its options in trying to find a new owner of the property at 545 Woodmont Circle.
The city came to own it when a resident had issues with sewer lines. At its last meeting, the council voted to extend its real estate contract and drop the asking price to $280,000, but has since only received one offer at $230,000.
Councilman Eric Walker said he would like the city potentially utilize an auction to sell the property.
“It’s going to give you the actual value you’re not stating that this house is worth $10,000 or $30,000,” Walker said. “It is what it is. Nobody’s deciding the price except for the market.”
Councilman Chad Gilbert suggested doing a sealed bid process and then treating the property like you would a foreclosure. He said that would give the council a good basis to decide what to do next.
“And then say okay here’s the number and give them ten days, and then everybody could come back and peck at it, and then we could approve it and that would give us a frame of reference,” Gilbert said. “And then the general population can come back and peck at it, say, 10 percent at a time.”
City Attorney Dan Rader said the city had only ever sold city property using a negotiated deal or an option with sealed bids. He said according to the city’s charter, whatever method is used will have to come back to the council for approval.
Water Quality Control Director Barry Turner said he would not recommend accepting the current $230,000 offer. Turner said they expect to have another possible offer by Thursday night’s meeting. He said if the city wanted to pursue an auction, it would likely be advertised and ready to go sometime in March.
