Place a sold sign at Pacesetters, located at 109 Magness Drive.
McMinnville’s Board of Mayor and Aldermen gave final approval for the purchase of the Pacesetters property for $375,000. A closing date of May 17 has been set between the nonprofit organization and the city of McMinnville.
Officials received what was likely their first look at the interior of the building, due to the deal being struck behind the scenes using closed-door sessions between city attorney Tim Pirtle and city officials. Pirtle engaged the services of realtor Tommy Foster for the purchase.
“Tommy Foster provided pictures of the property that I thought you would want to see before second and final reading,” said Pirtle, who then presented a slideshow.
Alderman Everett Brock stated, “Get us a tour.”
That tour by officials will be conducted before the closing date of May 17, as well as a property line survey and a phase one environmental study.
Consideration toward purchasing the property stemmed from a project by Tennessee Department of Transportation to extend Magness Drive to the bypass and an estimate of $598,200 given to purchase the necessary right-of-way property which would have been a portion of the Pacesetters loading dock. Half that cost ($299,100) would have been the city’s requirement to pay.
Instead, officials struck a deal for $375,000 to buy the entire property of 4.63 acres with a 17,200-square-foot building.
“Instead of paying $299,100 to purchase only the right-of-way property needed to extend Magness Drive, we received the entire property and building for $375,000,” said Alderman Everett Brock. “We can use the property or sell it. Whatever we want to do with it.”
McMinnville officials voted unanimously in favor of the purchase.