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SEED approached about Dickson facility |
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Written by administrator
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Saturday, 06 January 2007 |
The owner of the Temple Dickson Juvenile Facility wants to move the property, but no one has bought it.
With a deal falling through late last year with Emerald Companies, the owner of the building wants to sell the property by the end of 2007.
Local Realtor Scott Morgan approached the Sweetwater Enterprise for Economic Development board of directors about the situation and stated Frankenmuth Insurance wants to have the property off its books by the end of 2007.
Since the item was not on the agenda for action, the board could not decide on what to do. Morgan said the owners wanted him to approach SEED about purchasing the building.
Frankenmuth acquired the building through foreclosure in late 2001. Morgan Real Estate listed the facility in 2002 for $1.5 million. Since that time, the price has dropped.
Morgan said SEED is the perfect buyer for the property because it could utilize the property to its highest and best use for Sweetwater.
He said an individual investor, seeking immediate returns, could convert the building into storage.
He noted that SEED could purchase the building and then sell it to someone to help bring jobs to the area.
Board member Kyle Lawrence said he feels the property does have some value to SEED, “but I just don’t know what it is.”
Fellow board member Pat Gerald said the property cannot be renovated to state jail standards and felt it had no value to the board.
“It will take a lot of money to renovate it,” he said.
However, Lawrence and other board members felt the property could be renovated for other purposes and not cost as much. Gerald agreed with that and David Mattox felt the board should look into the situation.
However, with a short time frame, it would be hard to get money together for an offer. Morgan said the owners wanted him to attend the meeting and inform the panel to make an offer.
If the property is not sold, Morgan said the owners could donated the property to a national charity, tear it down or sell it to anyone making the best offer by the end of the year.
SEED board members agreed to review the request and continue to discuss the situation. |
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Last Updated ( Monday, 08 January 2007 )
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