IDB taking proposals for Alexander Drive building

Proposals for occupying the building have already begun to be submitted, according to CCIDB chairman Corey Davenport.

At a meeting Friday at its office on East Mason Court, Davenport told fellow IDB members Sekher Reddy has submitted a proposal.

However, board members agreed not to open the proposal until ones are received from other interested parties.

After years of legal wrangling, the IDB is understandably happy the former tenant has vacated the location on Alexander Drive.

"THC Select lad a lease-option on the building," Davenport said. "They had in their lease option the right to buy the building for whatever is owed on the property. They asked to exercise that option in February. At the time I think we (IDB) owed $230,000 on the building. By the time we got done (negotiating), we in essence paid them $250,000 to go away, but we retained the rights to the building. We have always owned the building, but we bought their option to buy. So they are gone completely ... and we have the building."

Davenport said four to five entities have expressed an interest in the building since THC Select moved out in July.

"I don't want to say we are taking bids," Davenport said. "We are entertaining people to come tell us what they want, proposals.

"We haven't really put it on the market to sell it," Davenport added. "What we do want to do though is find a company that does want to buy it so that we (IDB) do not have to be landlords. Whoever or whatever company comes in there, we want to get somebody that is going to buy the building, so that it will go back on the county tax rolls, so that it will increase the amount of property taxes the county receives. Because, like when we sold that building to Crane last year, that put roughly $17,000-$18,000 back in the County General Fund, which is great because that is a penny less than we have to raise in property taxes. That is the goal with this (building) as well."

Jobs, and putting the building on the county tax roll, are the major items the IDB is looking for in finding a new tenant, Davenport said.

"It's a 20,000 square-foot building and in pretty good shape, Davenport said. "It's a very good, solid building and I think whoever goes in there will find it a good place for business and can bring in actual jobs for Cannon County."

Davenport informed IDB members at the meeting some clean up of the property will be required before it is transferred to a new tenant. An inmate crew from the Cannon County Sheriff's Department will handle a majority of the labor. That is permissible because the building is county property. Davenport said the sheriff's department requested to keep the approximately 10,000 plastic cups, bowls and lids left behind by THC Select. Items not taken for use at the county jail will go to the senior center and nursing home.

The IDB will have to pay for dumpsters to use during the cleanup. They will also have to hire a firm to clean up any hazardous material left behind.

Another company is scheduled to make a proposal to the CCIDB at a meeting this coming Friday at Rustic Elegance Event Center on Doolittle Road. While the meeting is open to the public, Davenport said he can not reveal the name of the party who will be making the proposal due to a signed confidentiality agreement.

More information about the IDB is available at facebook.com/CannonCountyTN and at cannoncountyidb.com.

The IDB can also be contacted at (615) 848-5478 and by email at cannoncountyidb@yahoo.com.

The IDB also maintains a postal address: P.O. Box 421, Woodbury, TN 37190.

It's office is located at 25 East Mason Court in Woodbury.