Clock Is Ticking As IDB Commits Cash

Jefferson County’s Industrial Development Board made the decision on Friday morning to up the county’s commitment to purchase property in White Pine, Tennessee. IDB members had previously identified two parcels of property owned by the Wiggington family and a third piece of property, situated in the middle of the Wiggington land and owned by Realtor David Hayes, as a possible site for development. In light of the possibility of purchasing the land, the IDB previously made the decision to seek a option to purchase.

Due to reported interest in their property, the Wiggingtons requested that the Board provide a non refundable deposit of $100,000 that would be applied to the purchase price, should the County Commission decide to fund the land acquisition. Instead, the IDB will offer a three month, $25,000 non refundable deposit that will go toward the purchase price, should an offer be made on the land. Additionally, they approved two extensions, at three months each, for a price of $25,000 each, with the same terms.

Garrett Wagley, Director of Economic Development with the Jefferson County Chamber of Commerce, stated that he is encouraged that the IDB is making strides to acquire County owned land, which he believes is paramount to bringing economic development to Jefferson County. Along those lines, the IDB also had presentations on Friday on low or zero interest loans that might be available to Jefferson County.

Source: K. Depew, News Director