A look back
By By Clif Knight, Hartselle Enquirer
A bond issue totaling $16.12 million was approved Tuesday at a meeting of the Morgan County Industrial Park and Economic Development Cooperative District as a funding source for the development of a new industrial park at the I-65 and Thompson Road exit in south Hartselle.
In another move, the board agreed to purchase four parcels of land totaling 166 acres as a park site and gave the chairman, Jeremy Nails, and vice chairman, Mayor Dwight Tankersley of Hartselle, the authority to enter into future engineering, construction and development agreements.
Nails reported that he expects to finalize real estate purchase agreement for the land within the next 30 days. A formal groundbreaking will be scheduled at a later date.
The special obligation bonds are divided into two series: $11.22 million taxable and $5.46 million non-taxable. They will mature over a period of 25 years at a fixed interest rate of 5.3% and will be retired with monies accrued from TVA payments in lieu of taxes. Annual installments will total about $1.2 million with the debt burden being shared on a basis of population by the Morgan County government and all municipalities in the county.
Property purchase agreements were approved as follows, James E. and Janice Corum, 73 acres, $1,036,606; James M. Kifer, James E. Corum, Kevin Corum and Reggie Corum, 12 acres, $156,000; B.N. Russell, Laura Kellogg and Terry Kellogg, 50 acres, $630,000; and G&G Company LLC, 31 acres, $350,000.
Nails said he is negotiating purchase agreement s for two or three others tracts of land in the vicinity of I-65 and Thompson Road.