The property is prices at $25,000 per acre and Smith is proposing to construct a 50,000 square foot industrial spec building on the property. Smith currently owns the adjoining property that is currently being leased by CoLinx for their latest expansion and the plans could eventually allow the two buildings to be joined creating a 150,000 square foot facility.
Smith's proposal is for the city to give the project 3 years and deduct $5000 per full time job created by the project from the land cost up to the purchase price. Smith told the council the total investment in the initial part of the project would be some $2 million.
Smith also requested
property tax abatements similar to payment in lieu of taxes programs
offered to other industrial firms locating in Crossville. In
addition, Smith requested some fill material located on adjacent city
property that the city has stored to fill in part of the property to
bring it up to grade and provide additional truck parking to the
project.
The sale is contingent on the charter provisions that allow a petition of 10 percent of registered city voters to put the sale to a referendum and a a sales contract by city attorney Will Ridley.
Chamber of Commerce Brad Allamong praised the project saying currently there are no local industrial buildings to show potential industrial prospects. Allamong added that he hoped additional local investors would step forward. "This is really unique, talking about a private person making a commitment to the community and I'm all for it," Allamong concluded.
The motion to accept the offer of Smith was approved with all council members in favor.
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