News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
A Putnam County realtor and commissioner said the option plan to sell the fairgrounds makes sense for the county and the developer.
Commissioner Darren Wilson said the option will give the Nashville-based developer time to pursue a big box store retailer.
“The option, basically what it does is it gives them the sole opportunity to through their processes,” Wilson said. “To make sure that they’re not going to try to sell it out from underneath them. They’re going to be spending resources, time and effort to try to nail down a solid retailer that’s going to be here or work through their legal processes that they have to do.”
Wilson said that the option adds a layer of protection, requiring payments for extensions and setting benchmarks to receive an extension. Wilson said that one benefit to the developer pursuing the fairgrounds is that they are already working in Cookeville on the Food City project.
“Then on the second level, another $5,000 comes in and then as it moves itself forward a total of $60,000 in options which basically says that they’re bought in,” Wilson said. “They really want this to work out. If they can get the big box store to sign long term leases and willing to come here. Again, it’s just their way of keeping to spend their resources to get the answers they need to fund this place and get this thing built. I believe it’s just the proper business that has to be done, especially in the commercial world.”
Commissioner Jonathan Williams said the prospect is exciting, with a lot of upside. However, Williams said it’s important to see the developer make the most of the property.
“I want to make sure that it’s a worthwhile development,” Williams said. “That’s going to benefit Putnam County and the city of Cookeville for many years to come. Whether it’s retail, whether it’s something else. So I just want to see the highest and best use of this property going forward.”
Williams said that if the deal did fall through, the county needs to have a strong backup plan. This is something Williams said he is already working on.
Commissioner Joe Iwanyszyn said he has supported Mayor Randy Porter’s process in finding a buyer. Iwanyszyn said he trusted the mayor would find a buyer that would maximize benefits to the county.
“I think it has a lot of potential for the community, I think it’s a great opportunity again for us to bring more revenue for the future,” Iwanyszyn said. “But also maybe bring in a really good anchor store that could help us to better the community to help with the tax base and make it easier for the citizens.”
The purchasing option is with Baker Storey McDonald to recruit major retailers to the fairgrounds. The developer would have until February 23 of 2022 to complete a letter of intent on the property.
