Tennessee Valley Authority Granted Preliminary Approval for 75 Acres in Frank C. Pidgeon Industrial Park, Memphis, Tennessee
[GBP Note: This article and the original announcement Tennessee Valley Authority Seeking Option on 75 Acres in Frank C. Pidgeon Industrial Park, Memphis, Tennessee, both from The Commercial Appeal - Memphis, TN highlight possible leasing terms for industrial park tenants. Also, having an updated or cleaner gas-fired power plant right in the industrial park is a way to add value for, and possibly attract new, tenants that would benefit from proximity to the power source.]
The County Commission has given preliminary approval to an agreement that would give the Tennessee Valley Authority an option to lease a piece of land for Frank C. Pidgeon Industrial Park in order to build new pollution control equipment at Allen Fossil Plant.
TVA would pay $35,000 to hold open for one year 75 acres at the park. If it uses the land, it would pay about $225,000 per year for 20 years to lease it. It could then buy the property for $1.
Commissioners approved the concept 4-0 in an early vote Wednesday. The measure heads to the full commission for a vote Monday.
The Memphis City Council would also have to approve the option agreement for it to become final, said Randy Richardson, executive director of the Memphis and Shelby County Port Commission.
– Daniel Connolly