Total Grant amount from city/county of 2.75M
Thursday evening the Cookeville City Council unanimously approved and authorized City Manager James Mills to execute an infrastructure grant agreement for the Willows Shopping Center being developed at the Southeast corner of S. Willow Avenue and I-40 in Cookeville.
Details of the Council’s measure are as follows:
- Approves and authorizes City manager to execute an Infrastructure Agreement for “The Willows” shopping center
- And approves a 1.375 Million grant to the Industrial Development Board of the City of Cookeville
- Putnam County also approved an infrastructure Agreement Monday, Nov. 18 2024, for 1.375M
- Total Grant amount from city/county of 2.75M
- The grant provides an incentive to offset the costs of infrastructure for the project
- No tax incentive will be offered for the project (PILOT, payment instead of tax of TIG, tax increment financing)
Mills said the project will require infrastructure improvements.
“Including signalizing the section of South Willow Avenue with Green Gate Lane,” said Mills.
Green Gate Lane will also have to be widened, and dedicated northbound right turn lane will be installed on South Willow.
“The primary access from the North will be from Green Gate Lane,” said Mills. “Hints the improvement to the lane needed. Access from South Willow will be right in and right out.”
Mills says the grant will cover those infrastructure costs.
“We are familiar with this developer,” said Mills.
CHM Construction (CHM) – the company that helped develop the Shoppes at Eagle Point on Interstate Drive – wants to begin on the much-anticipated shopping center in early 2025. The Willows will sit on a 40-acre tract of land, according to CHM and it will feature “out parcels” and “two big Box Retailers.” The Willows will have two “anchor” locations, including a 128,000 square foot retail space and a second “anchor” location of 107,000 square foot, three restaurant spaces (including a 5,000 square foot building), and a garden center.
The Grant will cover infrastructure costs and be paid to the Industrial Development Board.
“The Industrial Development Board would then transfer the funds to CHM upon satisfactory completion of the public infrastructure upgrades,” said Mills.
At least one of the anchor tenants must be fully up and operational for at least one day, and Mills said it’s anticipated the improvements will be completed by Oct. 15 2026.
“If the first anchor does not open by Oct. 15, the city is under no obligation to make the grant. We are under no obligation unless the infrastructure improvements are completed, and one of the tenants is open.”
Mills says this path forward is cut and dry and the best way to move forward.
“You deliver, you receive the money from us,” he said. “We will immediately receive property tax, but once they are open, we will receive sales tax.’
The city expects to recoup the grant money in less than three years.
This is an ongoing story. Check back for details.
Photo via the City of Cookeville.
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