The City retains the right to refund the purchase price for the lot
Thursday night, the City of Cookeville unanimously authorized City Manager James Mills to take necessary steps to enforce Article IX of the Declaration of Protective Covenants. The move allows Mills to “repurchase land sold in the (Highlands) Business Park, and to seek partial reimbursement from Putnam County.”
Article IX states that if, after one year from the sale, the purchaser hasn’t begun to build, the developer (The City and The County) “retains the right to refund the purchase price for the lot less any costs incurred by the developer and enter into possession of the land.” More simply, the city can refund the money and regain ownership of the land after a year if there has been no movement on the project.
Highland’s Business Park
Since Putnam County is co-owner of the Business Park lots, the city will also seek reimbursement from them.
“There are three parcels in the Highland Business Park sold more than one year ago,” according to Mills,” in which no acceptable construction has been initiated. One of these properties was sold three years ago.”
The other two parcels were sold two years ago.
“All three tracks are undeveloped with no plans submitted to develop them,” said Mills.
Mills says the land can be used for other projects.
“As you know, I have been contacted many, many times about land for industrial development. … There is a very limited amount (of land) available in the city,” according to Mills.
Ali Bagci motioned to approve, and Vice Mayor Luke Eldridge seconded before the authorization was approved unanimously.
Photo via The City of Cookeville.
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