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Discussion regarding approval to transfer the Industrial Spec Building to the Industrial Development Board
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SUMMARY: Approval is requested to transfer the Industrial Spec Building on Interchange Drive to the Industrial Development Board. The building has been funded by grant matches that were split between the City and the County. The property was purchased by the City of Crossville as part of a 20-acre parcel. Total purchase price was $1,800,000 in 2011. Since that time, the City applied for and received the following grants:
Grant % Funded $ Amount
Site Development (50/50) $915,000 County provided ½ of match
Select TN (100%) $9,625
Certified Sites (100%) $2,125
Spec Building (50/50) $4,523,950 County to provide ½ of match
The purpose and benefit of transferring the building to the Industrial development Board is to allow the Board to negotiate leases or sales, secure tenants, manage the property, and reinvest proceeds of the sale to additional economic development properties. The Industrial Development Board recently received a grant to identify future properties for site development.
BUDGET ACCOUNT:
Recommended Action
NECESSARY COUNCIL ACTION: approve the transfer of the building to the IDB and authorize the City Clerk to advertise/public notice the transfer