Finance committee minutes show intent to sell 1.72-acre city parcel south of Highway 51 bypass

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.

Committee members described potential tenants discussed by the prospective buyer, including McAllister's Deli and Starbucks, but the minutes state no tenant guarantees were made. The minutes also cite a city appraisal completed in August by a certified general appraiser at $1,341,000 (about $17.90 per square foot).

Board action on the finance minutes was procedural: a motion to accept the minutes was made and seconded, and the motion carried. The board did not vote separately on the sale itself during the Nov. 3 meeting; the record before the board was the committee's approved minutes that describe the letter of intent.

The finance committee members listed in the minutes included Chairman Burks and committee members Moody and Webb; Aldermen Crawford and Hammond attended the committee meeting, according to the minutes. The minutes record that Mark Linebury (appearing as Mark Linebrake in the notes) and John Myers met with the committee to discuss the proposal.

Why it matters: The parcel sits along a busy commercial corridor; a sale and subsequent development could change traffic patterns and commercial tenancy on that stretch of Highway 51. The minutes indicate the city would keep some oversight of tenants, but they do not specify development approvals, timeline for closing, or final tenant agreements.

Clarifying details: the committee cited a 1.72-acre parcel (1.72 acres = approximately 74,923 sq ft), an offered price of $16/sq ft, $5,000 earnest money, an initial 150-day due-diligence period with two 60-day extension options, and an appraisal at $1,341,000 (~$17.90/sq ft). The minutes state there were discussions with the prospective buyer about potential tenants but no guarantees.

Speakers quoted or named in the record: Chairman Burks (finance committee), Edward Baltimore (Alderman), Mark Linebrake (applicant), John Myers (applicant).