The Clinton County Industrial Development Authority has voted to sell the remaining property in the county’s industrial park on KY 90 north to Tommy Fitzgerald, of Fitzgerald Trucking out of Crossville, Tennessee. The sale is expected to lead to a new trucking related industry coming to the county to provide several jobs.
The IDA, during a call meeting on Monday at noon, June 17, with six of seven members present, voted unanimously–on a motion by board member Keith McWhorter–to sellall the remainder of real property at the industrial park and authorized the chairman and vice-chairman to sign any necessary documents pertaining to the sale.
At the board’s regular meeting on June 13, Fitzgerald and another representative made a verbal proposal to the IDA and presented a land sale contract, which was signed upon the board’s vote to sell the property–which contains some 21.48 acres, at a price of $107,400.00.
Few details about the proposed business that may expand off the trucking company were released during the discussions, but Fitzgerald told the board the new industry would go by Fitzgerald Glider Kits LLC. Also, it was noted they may hire between 50 and 60 people to assemble glider kits for large trucks at the Clinton County location.
Board members, during a closed session on the issue last week, made some modifications to the land sale contract that was formally voted on and signed on Monday.
Apparently Fitzgerald has been in discussions and negotiations on the project for several months with local officials.
Both Clinton County Judge/Executive Lyle Huff and Albany Mayor Nicky Smith were in attendance at both recent IDA meetings in support of the potential new company locating here.
Judge Huff said following the meeting on Monday that it appears Mr. Fitzgerald is expanding his glider truck operations here and will be working through the Kentucky Cabinet for Economic Development on the project.
The judge said, “I’m very pleased, on behalf of myself and the fiscal court, of the possible expansion,” adding he had been in discussion with Fitzgerald for about a year and had urged him to take advantage of the tax credits that Kentucky had to offer. He further added, “It’s a work in progress.”
Because the process is still in its early stages, no official announcements or further details from the company have been released at this point.
Some of the provisions in the land sale contract is that the first payment shall be a $20,000 down payment due when the contract is signed by all parties, with the balance paid in annual $20,000 payments for three years and the remaining balance paid in full by December 31 of the fourth year. There would be no penalty to the buyer if the total is paid early and if a payment is 120 days or more late, the property would revert back to the seller (IDA.)
Standard stipulations are included in the contract, including that the purchaser shall use the real estate for business purposes.
Also, pursuant to an ordinance of the Clinton Fiscal Court, if no actual renovation or construction of a facility is commenced within two years of the sale or conveyance of the real estate, the purchaser shall reconvey the land, free and clear of liens and encumbrances, to the seller and the seller shall return the purchaser 95 percent of the purchase price.
The sale of the industrial park property was the only item of business on the agenda at Monday’s special call meeting. (Details on the IDA’s regular meeting last Thursday can be found beginning on page 1.)