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Finance committee minutes show intent to sell 1.72-acre city parcel south of Highway 51 bypass
Summary
The Dyersburg finance committee reported it approved a letter of intent from Linebury Real Estate to buy a 1.72-acre municipal parcel south of the Highway 51 bypass for $16 per square foot; the Board of Mayor and Aldermen approved the committee minutes, which recorded the committee action.
The Dyersburg Board of Mayor and Aldermen on Nov. 3 approved finance-committee minutes recording the committee's decision to accept a letter of intent from Linebury Real Estate to purchase a 1.72-acre city property on the south side of the Highway 51 bypass.
The finance committee's minutes, read into the record by a committee member, say the buyer offered $16 per square foot for about 1.72 acres (approximately 74,923 square feet) with $5,000 in earnest money and an initial due-diligence period of 150 days and two optional 60-day extensions. The minutes note the city would retain some approval over future tenants.
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