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County signs letter of intent with Project Mustang for Cherry Glen Lot 3B sale and development; authorizes studies and MOU with Industrial Development Board
Summary
The commission approved a letter of intent to sell Lot 3B in Cherry Glen to Project Mustang for $1,275,000, authorized surveys and geotechnical studies and approved an MOU directing net sale proceeds toward Innovation Park obligations and Cherry Glen improvements.
The Maury County Commission on June 25 approved a letter of intent with Project Mustang for the purchase of Lot 3B in Cherry Glen at a purchase price of $1,275,000, granted a right of first refusal for Lot 3C, and authorized the mayor and county attorney to sign access agreements to allow survey and geotechnical work. The commission also approved a memorandum of understanding with the Industrial Development Board describing use of net proceeds: to cover county payments under a contribution agreement for Innovation Park and to fund Cherry Glen improvements and economic development activities.
Why it matters: the sale would convert county-owned land in Cherry Glen to private development, generate funds for county economic projects and potentially accelerate industrial development. The MOU allocates proceeds in a specified order: cover county obligations under a separate Innovation Park contribution agreement, with any remainder to be used for Cherry Glen infrastructure and economic development.
Next steps Staff authorized by the commission will execute access agreements so that surveyors and geotechnical consultants can complete studies to confirm buildability and prepare sale closing documentation. Once a survey is complete, the resolution authorizes the mayor to sign deed transfer documents to the Industrial Development Board and to proceed in accordance with the MOU.
Outcome Commissioners voted to approve the letter of intent and the MOU and authorized staff to proceed with due diligence and transaction documents.
