The Hamilton County Commission voted to inspect a 2,100-acre farm in Sale Creek on Wednesday, intending to acquire the assets and turn them into a commercial park.
Days after the county showed interest in McDonald’s Farm, the board approved a solution from Mayor Jim Coppinger to send a letter of intent to asset owners, allowing the county to initiate a survey procedure to finally, if and for what much assets deserve to be purchased.
Wednesday’s resolution requires the county to acquire ownership, for which value negotiations have yet to begin, but allows it to spend cash on geotechnical services, traffic studies, and other similar “due diligences” required before charge negotiations or an acquisition can take place.
“I have received several calls, all positive, but other people very little to know what is going to happen to the property. And I have to remind you that we don’t have the property,” Coppinger said. we don’t even have a value for the property, we just try, once again, to make the necessary paints for whatever the right value for the property. “
To protect the county’s interests, Commissioner Tim Boyd asked Coppinger to ensure that the government has the first rights to the assets if the owners are going to sell after the county has spent cash on a possible purchase.
“Is this letter of intent going to take these assets off the market?”Boyd asked. ” I mean we’re investing a lot of cash to do this due diligence and then a genuine real estate developer can come in and get us out. What are our security that it may not happen?”
Coppinger said this could be incorporated into the purchase letter of intent, noting that county leaders had learned to negotiate a commercial park assignment in the process of progression of Enterprise South, a progression in Tyner that is Volkswagen’s home. other corporations in a former munitions factory.
McDonald Farm’s assets, which are basically located in Hamilton County with approximately 20% distribution in Rhea County, must have utility sewers, several “usable” sites, and railroads, which Coppinger said Sunday that makes it desirable.
With prospective task expansion and network progression if the county can turn it into “another southern business,” Coppinger expects a safe state investment to help with the site.
“We need to get in touch with some of our other, hopefully teammates on this issue, like the state of Tennessee and the governor’s office, to see if we can in all likelihood get assistance somewhere along the way,” he said. .
McDonald Farm is owned by five trusts representing the heirs of the past Roy McDonald, a shopkeeper who founded Chattanooga Free Press (now Times Free Press), all of whom settle for any acquisition agreement. Such an agreement would also require aprobación. de the commission.
Roy Exum, father representing one of the trusts, said Sunday that the circle of family members unanimously in promoting the estate if the process is carried out transparently and in the most productive interests of all parties.
Exum also noted that there is no recent property review.
Property valuations for Hamilton County and Rhea County estimate that the combined assets, which exum and Coppinger say will be sold as a total, at just over $9 million, the actual selling fee is decided after an assessment of whether either party can succeed in an agreement.
Contact Sarah Grace Taylor at 423-757-6416 or staylor@timesfreepress. com or on Twitter @_SarahGTaylor.