TSU board narrowly authorizes negotiations on Cockrell Bend airport site; appraisals range $10.5M–$15.5M

The Tennessee State University board on June 23 voted to authorize the university president to negotiate a potential disposition of the Cockrell Bend (airport) property with the Metro Nashville Airport Authority, following presentations of independent appraisals and consultant recommendations.

Consultants from Hyatt Brown and an Alliant Commercial Appraisers appraisal presented the board with two lines of work: an initial market scoping estimate and a formal appraisal. The TSU‑commissioned appraisal, using comparables within the Cockrell Bend industrial submarket and a sales‑comparison approach, returned an "appraised value of about 15 and a half million dollars" for a market sale, though the appraiser noted achieving that price in open market conditions could require 9–18 months of marketing. The airport authority’s appraiser produced a lower range (roughly $10.5M–$13.5M), applying discounts for site topography and using a wider set of comparables.

Hyatt Brown advised trustees that both appraisals fell into a reasonable market band (roughly $13M–$15M) and argued a negotiated disposition with a motivated public counterparty would reduce execution risk and deliver proceeds sooner than a long open market process. Legal and secretary staff explained transfers to another Tennessee public agency can proceed under statutory provisions (Section 40) that limit the need for a competitive market test but still require review by the State Building Commission (SBC).

Trustees debated process and timing. Several trustees said they were concerned that the presentation materials and a draft resolution were not posted in the board packet in advance and asked for more time or a competitive market test; others expressed urgency to realize proceeds to fund priority capital projects (Trustee Townes and President Tucker cited dormitory upgrades and deferred maintenance as likely priorities for monetized proceeds). Trustees also asked whether ongoing litigation or governance changes at the airport authority would impede negotiations; TSU counsel and staff said they were not aware of a blocking risk but recommended counsel review legal implications.

The finance committee had voted to recommend delegating authority to the president to negotiate consistent with Hyatt Brown’s recommendations; the full board took the final vote and the motion passed by a narrow margin (the board roll showed multiple yes and no votes). The committee and board asked the administration to bring negotiated offers and final terms back to the board for approval and to prepare the file for required SBC review if the negotiated path proceeds.

Next steps: the administration will proceed to negotiate consistent with the delegated authority and will present any definitive offers or terms to the full board; any transfer to a Tennessee public agency would still require State Building Commission review before final execution.