Thursday, January 12, 2012
Negotiations To Begin For Spec Building In Team Lawrence
City of Lawrenceburg leaders voted unanimously Thursday to initiate negotiations with county government regarding the joint construction of a spec building inside Team Lawrence Commerce Park.
Area leaders have discussed the possibility of constructing such a building for the past few years in an effort to draw industry to the county.
During the bi-monthly meeting of the Lawrenceburg Board of Mayor and Council Thursday morning, Mayor Keith Durham told members, “I feel like now is the time to do this.”
He pointed out that since the MISA building on Helton Drive became vacant, at least thirteen different industrial prospects have expressed interest. He said that three had even made offers to purchase the building.
“Companies who have gotten a new customer or contract need to be up and running in a very short period of time, and don’t have time to build a new factory from the ground up,” Durham explained.
Durham pointed out that communities that invest in these types of facilities “are at a great competitive advantage.” He said that construction of such a building would, “Provide our community with opportunity and tools to attract long term employment for our citizens.”
“We are in competition with other cities around us,” Durham said. “The standard they’re looking for in a building, we don’t have here.”
Durham told council members, “The city should work with the county to be a leader in the spec building program, so that we can be a leader in industrial recruitment.”
Durham proposed that the city partner with county government, the local industrial board and the Joint Economic and Community Development Board, to construct a building on a ten-acre parcel situated at the northeast corner of Team Lawrence Commerce Park on Highway 43 north.
The plan would include construction of a metal, prefabricated building with a minimum of 50,000 square feet, 34 foot high eaves, with provisions for 5,000 square feet of office space, and an unfinished interior. Once the building is sold, the occupant would then complete the interior as needed.
Durham said that they are already looking into various means of funding the project, including the possibility of applying for grant funds. He pointed out that TVA has a funding program in place that could be helpful, as does USDA.
He pointed out that there are also some construction companies willing to partner with communities “and allow interest-only payments for the first two years.”
As an example, Durham said that under some of the available programs, should the building be constructed for a cost of $1.5 million, at 5% interest the community would be committed to pay between $65,000 and $70,000 for a minimum of two years.
Those involved hope the site selection/acquisition portion of the project can be accomplished by January 31, 2012, and the partner selection portion by March 31, 2012.
