Cookeville will repurchase three properties inside the Highlands Business Park that have not been developed following a Thursday night Council vote.
City Manager James Mills said the park’s purchase agreements included language that development must begin with one-year of purchase. One property sold three years ago, two sold two years ago. Without construction, the city has the right to repurchase the parcels.
“These tracks that we’ve sold, we believe was a discounted price with the purpose of industrial economic development to create jobs and create opportunities for the citizens of Cookeville and Putnam County,” Mills said. “It was not our intent to sell a discount price and see that owner then go subsequently resell the property and make a profit off the city or Putnam County. That’s what we do not want to see happen.”
Mills said the city regularly gets calls from prospects wanting property to develop inside the city. These three parcels could generate, Mills said, job growth and tax revenue.
“The city’s received many, many inquiries about land for industrial development of which, as you also know, there’s very limited amount available in the city,” Mills said. “As it appears there are no plans to develop these three tracts in the Highlands Business Park.”
The covenant gives the developer, in this case the city and county, “the right to refund the purchase price for the lot, less any costs incurred by the developer.” Once the covenant is enforced and the city buys back the land, Mills said they will go the county, the co-partner in the park, to recoup the money.
“This is not an intent to try to grab land back, but more importantly to encourage development of the business park,” Council Member Eric Walker said. “And I think that’s our goal here.”
