It didn't take long for the Cannon County Industrial Development Board to find a new tenant for its large facility on Alexander Drive.
A few weeks after buying out the lease-option of THC Select, the IDB voted Monday to accept the proposal of a local marine product company, Composite Solutions, to locate at 225 Alexander Drive.
Composite Solutions' current facility is on Murfreesboro Road.
The IDB received two proposals for the building, which it paid THC $250,000 to vacate. The other was from Cumberland Plastics Corporation, also a local business.
The highlights of Composite Solutions' successful proposal was its offer of a total purchase price of $613,000 and the adding of 25 full-time jobs. CPC's offer for the building was for $400,000 and included adding 11 new jobs.
We are looking forward to working with them (Composite Solutions) and creating jobs in Cannon County," CCIDB chairman Corey Davenport said. "That's 25 new additional jobs within the next three years and to me, that's huge. Plus it's the additional money. We paid THC $250,000 to buy out that lease and we're going to wind up getting $613,000. So we're going to make money, plus add jobs."
Davenport said it is also his goal to find another suitable location for CPC to expand locally.
"From what I understood from him (CPC owner Sekher Reddy) he wants a warehouse. A warehouse is a whole lot easier to build than something that needs three-phase electricity. So if I can build him a building, that's going to add those jobs and give him what he needs, so he can stay in Cannon County, absolutely. That's my next project.
"I don't want to leave him (Reddy) out," Davenport added. "I was very pleased with both of their offers. Both were very fair and well put together."
The proposal from Composite Solutions was originally presented anonymously through Donna Barrett of The Barrett Group. Barrett provided the following statement from the company following the selection:
"Today we are pleased to announce the expansion of our business operations here in Cannon County. Composite Solutions, LLC is a manufacturer of quality marine products and, due to successful operations, we have outgrown our current facility.
"We appreciate the Industrial Development Board of Cannon County for partnering with us in order to expand our operations locally, instead of having to move out of the county to secure a larger production facility.
"We will begin taking applications for additional production employees soon and will be looking for people that show up on time, work hard and find satisfaction in making quality products with their hands.
"Two of Composite Solutions, LLC's owners are the sons of Mrs. Betty Davis, who had a primary role in originally bringing Crane Interiors to Woodbury. We believe this current endeavor will be another great, long-term employer and business partner for our community."
The deal between the IDB and Composite Solutions will not become official until a contract is signed.