Members of the Jackson City Council approved a resolution for the approval of the Project Cardinal Purchase Sale during a special called meeting at City Hall, Tuesday.
The site, which is served by a railroad line, is located off Highway 223 in Jackson. It had been selected to join the Select Tennessee Certified Sites program, which has helped communities prepare industrial sites for private investment and job creation since 2012, according to the Tennessee Department of Economic and Community Development.
Sites in the program are used to attract businesses to the state. Companies have invested nearly $2 billion in projects located on certified sites, which accounts for over 7,700 job commitments, according to the Tennessee Economic and Community Development.
“The council voted unanimously to give Mayor (Scott) Conger authority to enter into a purchase/sell agreement with Georgia Pacific – who is considering the location (for) a new project (or) plant in Jackson,” Mandy White said, “There are approximately 240 acres involved.”
Mandy White is the senior vice president, Economic Development at the Jackson Chamber.
The property consists of three parcels.
Parcel A – Property previously purchased and currently owned by the City of Jackson is 115 acres at $20,000 per acre.
Six acres were purchased for $25,000, which brings the total investment to $2,450,000.
Parcel B – 101 acres at $25,000 per acre for a total cost of $2,525,000.
An adjacent parcel, the Freeman Property, consists of 37.93 acres at a cost of $20,000 per acre and a total cost of $794,000.
“If and when Georgia Pacific executes this purchase and sale agreement, the City will pursue options on approximately 241 acres and in turn sell a portion of that 241 acres, along with previously acquired industrial land for Project Cardinal,” said Paul Taylor, Jackson City Councilman, “If finalized, this would net the City approximately $800,000 to $900,000 and 100 plus acres for future development.”
(PHOTO: Mandy White – senior vice president, Economic Development at the Jackson Chamber)
