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Option contract approved for new prospect eying Cumberland County

Liz Engel Clark
Wednesday, Aug 13, 2014


Interchange Business Park.

CROSSVILLE – Another industrial prospect is eying the Upper Cumberland region – this time, Cumberland County.

The Crossville council took action Tuesday night to move forward with an option contract for Project Enterprise, an unknown entity interested in the city's Interchange Business Park off Highway 127 North. The agreement will essentially offset the purchase price of the property – about 18.59 acres from the city – for each new job created. There was no other information about Enterprise's overall plans, and the company's name was blacked out on documents released to the press.

Per the contract, the purchase price for the land is $465,000, but that amount can be completely abated if Project Enterprise employs at least 93 full-time workers for a period of six months four years after the date of closing. The contract binds Project Enterprise to completing its facilities within two years from the closing date. The agreement also says both parties agree Interchange Drive, which parallels Interstate 40, needs to be relocated, and the costs to do so would be the responsibility of the purchaser, Project Enterprise.

City Manager David Rutherford said the prospect is interested in moving the road because it needs a little bit more room to build. In all, combined with the city's acreage and the purchase of land from another property owner, the site would be around 24-25 acres total.

The council gave unanimous approval for Mayor J.H. Graham to sign the option contract to move the project forward.

"This gives the company the opportunity to do some due diligence with the site and finish up some things, finalize whatever it is they need to finalize before they make a decision and we move forward. It's not unusual for companies to do this," Rutherford told the UCBJ. "We're hopeful that it comes through and within 60 days we can go ahead and do the purchase and sell agreement, and we'll be off to the races."

It's at least the third prospect to make news in the region in recent weeks. Project Victor in Cookeville was announced Friday as Academy Sports + Outdoors, which plans to build a 1.6 square foot distribution center outside the Highlands Business Park. A Project Uno is also in the works in Putnam County, and an incentive package was most recently approved by the Cookeville city council and Putnan County Commission.


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