Article by Steve Corlew-
The Lexington Industrial Development Board approved an option to purchase agreement for the sale of property on Tennessee 22 North, Friday, August 26, 2022.
The board also began the process for tax increment financing on a new subdivision in north Lexington.
The Industrial Development Board is chaired by Jeff Lewis and board members are Cole Wood, Bobby Dyer, Wib Evans, Rick Odle, Rob Helms, and Phillip Wood. Rick Odle, Rob Helms, and Phillip Wood were absent for Friday’s meeting.
The Industrial Development Board is a non-profit board that works with the city board to help provide incentives for business and industry.
According to Mayor Jeff Griggs, this property on Tennessee 22 North was purchased originally for a new water tower and communications tower to help support the north side of the city. After the city had originally purchased the property, they were contacted by Sue Cox Development, LLC about locating a retail store at the same location.
Lexington City Recorder/CFO Cody Wood said there was about 1.7 acres available for the retail outlet.
Griggs said the city would still have room for the water tower and the communications tower at that location but added that the business would now bring in revenue for the city. The city would have to provide an access road and a TDOT permit for the site.
“We will bring in property tax, sales tax, business tax, and…
Wesley Mission is also a non-profit organization, and they are seeking to remain tax
For complete coverage, see the August 31st edition of The Lexington Progress.