BOMA tackles $5.5 million land purchase June 22
A proposal to consider purchasing 55 acres off McFee Road for $5.5 million as potential Town park land will be on the Board of mayor and Aldermen agenda this Thursday, June 22.
Under business items, approval of a letter of intent to purchase the property and approval of a professional services agreement with Cannon & Cannon Inc., “for due diligence investigation” of the property are listed on the agenda.
The property is described as “being adjacent to the railroad track, and located on the Knox County Tax Map 24.02 and 24.03,” and the cost to the Town would be $5.5 million.
According to background support described in documentation for the agenda item, “The Town of Farragut has four main park facilities … more open space, parks and town greenways are always high on the list of citizens requests each time we update our parks and recreation master plan.
“Currently, the Town has no additional acreage to grow and enhance our park facilities … and [officials/staff] have been in discussion with the Scott family about the potential purchase.
“To coincide with the purchase of the 55 acres of land, the Scott family would then donate 15 acres of land, which would give the town a total of 70 acres of property for this acquisition.”
Additionally, the LOI “would include a restrictive covenant that the property is to only be used for governmental, conservation or park purposes. No building on the donated parcel could have more than a 6,000 square foot footprint and all buildings could not exceed 12,000 square feet.”
The Town would also agree to plant a landscape buffer, “in accordance with Town buffer regulations,” and “a final condition for the donated tract is that a 50-foot access easement be granted across the donated tract and the purchase tract to allow connectivity of the remaining farm owned by the Scott Family to McFee Road.
“The location of the access easement would be determined at the time the Town of Farragut conducts a master plan for the property,” the documentation further stated.
“The [LOI] would give the town a 90-day inspection period to survey the property and conduct all environmental assessments needed to ensure the property could be developed in the future, During this inspection period, the Town may elect to withdraw from the agreement for any reason without penalty.
“A contract will be developed outlining in more detail the parameters included in the Lol, with a closing date of no later than Nov. 5,2023.”
