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TBR seeks to buy land in Millington for TCAT Memphis aviation campus; commission approves
Summary
Executive Director Tracy told the commission Tennessee Board of Regents intends to acquire about 40 acres in Millington to relocate TCAT Memphis Aviation rather than lease; the packet cites a 30-year lease cost estimate of about $14 million and a purchase price near $20,000 per acre.
Executive Director Tracy presented a request from the Tennessee Board of Regents to fund land acquisition and project scope for relocating TCAT Memphis Aviation to Millington. Tracy said the airport initially offered leased land but the agency determined a long-term lease would cost roughly $14,000,000 over 30 years and they are instead pursuing purchase of about 40 acres at "a little over 20,000 an acre." "So that eliminates the, need for the leasing the land and then replacing the campus in the future," Tracy said.
Commissioners asked whether the purchase had been anticipated in the budget; Tracy confirmed the funds are included for both the building and the new land. Commissioners also asked about distance and program fit; Tracy said the Millington site would allow program growth including expansion of truck-driving instruction adjacent to the aviation training. The commission moved, seconded and adopted the item.
