Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Cookeville council approves sale of Highlands Business Park lot to Hollingsworth, citing proposed $40M investment and 168 jobs
Summary
The Cookeville City Council approved a purchase‑sale agreement to sell ~27.4 acres in the Highlands Business Park to Hollingsworth Company, a deal staff says would bring about $25M in real property improvements, $15M in personal property investment and roughly 168 new jobs; the agreement includes clawback provisions and a speculative building option.
The Cookeville City Council voted to authorize the sale of Lot C in the Highlands Business Park to Hollingsworth Company after staff described the proposal as a major economic development opportunity. Community development staff presented the parcel as about 27.4 acres and said the proposed purchase price is $38,500 per acre, with a preliminary total near $1,054,900 pending survey verification.
City staff told the council the project—referred to in staff remarks as “Project Green”—would include roughly $25 million in real property improvements and an additional $15 million in personal property investment. “This project represents a strong economic development opportunity for the community through new investment, job creation, and continued growth within our business park,” staff said during the presentation.
Ward, the community development presenter, said the sale agreement contains clawback provisions and performance commitments to protect the city’s interest if the company does not meet agreed metrics. He also said Hollingsworth requested a speculative building option that would allow the company, for an additional $200,000, to build a spec building on the property if Project Green does not move forward.
Members of the public asked whether the city was offering tax reductions or other incentives tied to the deal. One attendee said, “The company's not even here, brother,” and asked whether the municipality was offering reduced taxes or electricity. Ward responded that the project “is not pursuing pilot incentives” and that the sale is based on the established sales price; he noted the agreement includes performance metrics and potential repurchase (clawback) provisions if commitments are not met.
Staff said the project would be subject to Putnam County approval as well and that county consideration was expected later in May; the sale authorization given by council was subject to final revisions approved by the city manager and city attorney. The council voted to approve the sale authorization.
Next steps: city staff and the city attorney will finalize agreement language and coordinate with Putnam County on the county’s required approval.
