Transcraft will have 30 days to accept or reject the City’s offer, and a press time, they had not yet made a decision. They would either buy the property for $600,000 or would lease it from the City for five years for $2.75 per square foot.
“When we agreed to purchase this property to be used as a maintenance garage, it was stated by Mayor (Lyn) Bailey, that we would not hesitate to offer the building for a deserving industrial prospect,” said Council member Manuel Brown, who is also on the City’s Finance Committee.
Located in Industrial Park No. 2, the 62,000-square-foot Superior Walls building is on 12 acres, according to the Cadiz/Trigg County Economic Development Commission’s web site at triggindustry.com. With the lease agreement, it would come to $170,500 a year, or more than $850,000 over a five-year term.
Valued at $700,000, Jimmy Carr owned the building before selling it to the city earlier this year at a price of $550,000.
For the rest of this story, see this week's issue of The Cadiz Record or subscribe to our e-Edition by calling 270-522-6605.
