The Cookeville City Council approved the sale of approximately 27.4 acres in the Highlands Business Park for a proposed special vehicle manufacturing facility.
Project Green involves the construction of a built-to-suit facility for a foreign company by the Hollingsworth Company. Community Development Director Jon Ward said the three parcels will be sold for $38,500 per acre, with the final purchase price to be verified by a land survey.
“The proposed investment includes approximately $25 million in real property improvements and an additional $15 million in personal property investment,” Ward said. “This project is expected to create approximately 168 new jobs in our community three years from completion of the construction.”
The unknown company focuses on the fabrication and assembly of special purpose vehicles, Ward said.
The agreement does not include PILOT incentives, meaning the property will go on the tax rolls once construction is completed.
“The agreement includes clawback provisions to protect the city’s interest and ensure compliance with performance commitments associated with the project,” Ward said.
The contract features an alternative option if the initial manufacturing plans do not materialize. This provision allows the developer to construct a speculative building in the industrial park for an additional premium.
“So, Hollingsworth has asked to, in the agreement, that for an additional cost of $200,000, if Project Green didn’t move forward, they could retain the property as an opportunity after, you know, if they’ve invested the money to engineer a project, their interest would be in asking Council to consider allowing them to build a spec building in the industrial park,” Ward said.
Ward said the sale represents a significant foreign direct investment opportunity for Cookeville and Putnam County. The transaction is designed to bring new investment, job creation, and continued growth within the business park.
The agreement is subject to approval by the Putnam County Commissioners at the May meeting.