News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Putnam County Commissioners agreed to an option with a Nashville-based firm to purchase the 41.41 acres of the Putnam County Fairgrounds.
The purchase price: $12.42 million.
Commissioners voted 24-0 Monday night to move forward with Baker Storey McDonald of Nashville to recruit major retailers to the site off South Jefferson Avenue. The developer would have until February 23, 2022 to complete a letter of intent on the property.
“If we want major retailer to come to this property, this is a process that we’re going to walk through,” County Mayor Randy Porter said. “I firmly believe that it will not take this long to do all this, but they’re being very careful to make sure that they have enough time to make it all happen. If on February 23 they come back with a letter of intent, I think our chances are really good. If they don’t, the option is null and void and we can do whatever we want to with it.”
Commissioners agreed Monday night to the sale price, the purchase option as well as four option extensions with requirements for the developer.
The purchasing firm has a total of four options between the start of the agreement and October of next year. The first two options would pay the county $5,000 with the third and fourth 120-day options worth $25,000.
Porter said each of the four options includes 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.
“In my mind, it’s well worth spending that 240 days if it goes to February 23, to see if we can get that one or two large retailers to come to Cookeville,” County Mayor Randy Porter said. “Because it’s going to mean a world of difference when it comes to our sales tax and property tax and all those kind of things in the future of what we have to offer.”
The fairgrounds property totals some 43.41 acres. Porter said he decided to hold out the Agriculture Building, which houses the Tennessee Ag Extension Office and Soil Conservation Office, and the two acres around the building. Porter said the county has spent money to update that building in recent years. Porter said they would reconsider that decision if the developer wants the additional land later.
The property also includes some 1.23 acres of wetland. Porter said an environmental study had already been done on the property and state officials had already been involved in the wetlands issue through TDEC.
Porter had the property appraised earlier this year. Last week’s updated appraisal added some $400,000 in value.
“I think this is a pretty good deal,” Commissioner Jerry Ford said. “If we can get $12 million, we need to let her slide.”
Commissioner Dale Moss worried that the option prices were too low. Porter said he focused on getting the $12 million not the $60,000 in options. Commissioner Kevin Christopher asked if the proposed sale fell through, could the county get feedback as to why. Porter said yes.
Baker Storey McDonald Properties formed in 2002. The company has been involved in major developments across Tennessee, Alabama and Ohio. The group has been involved in three major developments across the mid state including Murfreesboro’s new Savannah Ridge shopping center, The Crossings at Dickson, and Nippers Corner in Nashville.
Company Attorney Tom Trent has worked with Putnam County and Cookeville on the Food City project, the Academy Sports Distribution Center and TTI Floor Care.
Porter said only other developer had approached him about the land since commissioners agreed to pursue a sale of the land.
