industrial property appraised

By Clif Lusk The Messenger

Appraisals for the three parcels of property the City of Troy needs to purchase for its new industrial park were returned to city hall Friday.

The total value of the Troy Industrial Park South is $1,386,000, about $114,000 less than what city officials expected.

"It was a little better than we thought," said Mayor Jimmy Lunsford. "We're very pleased with that."

Lunsford said city attorneys would be finalizing the legal documents to proceed with the land transaction.

The industrial park will be located on Hwy. 231 near the Wal-Mart Supercenter on property owned by Dr. Cecil Dozier, Gail Dickens and Beard Oil Company.

Together, the three parcels comprise about 180 acres.

The city will use funds obtained through a loan with Region's Bank to finance the purchase of the property and make initial improvements, but Lunsford said the city was preparing a grant application to help finance water and sewer improvements at the site.

"Those improvements will cost just under $100,000," he said.

An industrial access road application is also under development. Once completed, the plans will be submitted for a grant from the state to help defray the engineering and construction costs of the road.