By MICHAEL CRIMMINS
Glasgow News 1
The sale of South Cooper Lot 7 may not be completed until the middle of 2025.
At the most recent meeting of the Barren County Economic Authority, after a brief closed session, the board approved an amendment to the already in place option agreement with Bluegrass Ingredients, which was called Bluegrass Dairy prior to 2020. The option agreement gives Bluegrass Ingredients “the exclusive and irrevocable option to purchase” lot 7, and the 100,000 sq. ft. speculative building, in the South Cooper Industrial Park off New Bowling Green Road.
In the original agreement, which was signed by the authority’s President and CEO Maureen Carpenter on Jan. 28, Bluegrass Ingredients would have 45 days to decide if it would purchase the property, however, the Delaware corporation could opt to extend the “option term” for three 45-day terms.
After the closed session, the agreement was amended with the extension of the “option term” to six 45-day periods instead of the three.
“They needed…six months to do their due diligence and complete the transaction,” said Authority’s Attorney Rich Alexander. “So this extends the [agreement] for four more option periods. A total of six months.”
Bluegrass Ingredients has extended the option term twice, according to the amended agreement. Each time the term is extended the company will pay $5,000, according to Alexander.
The sale of the property is included in the tentative 2025-26 Barren County Economic Authority that was also approved at the meeting.
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