STAFF REPORT
Glasgow News 1
Barren County Economic Authority board members approved two property transactions tied to industrial investment at their March 13 meeting.
Board members voted to sell a one-acre piece of property on Carroll Knicely Drive to Spantech or its holding company, identified as STIM Holdings, for $24,000. STIM Holdings owns the property to the right of the acre.
The property is needed for Spantech’s expansion, Barren County Judge-Executive Jamie Bewley Byrd told Glasgow News 1 after the meeting.
In a separate action, the authority agreed to sell its speculative building at 100 Beltline Boulevard in the South Cooper Industrial Park. The buyer is Union Coating and Chemicals — the Egyptian-based company projected to create 60 jobs in Barren County — or its holding entity. As previously reported, Union Coating will move into the 50,000 speculative building.
Both property sales were announced after a closed session of the authority.
The total purchase price for the South Cooper facility is $4.35 million. Of that amount, $3.5 million is designated as the purchase price for the building itself, while $850,000 is described as a build-out allowance, according to board attorney Rich Alexander.
Board chairman David Peterson told Glasgow News 1 that the company already planned on moving into this building, and this was largely a formality.
Also, Executive Director Maureen Carpenter was authorized to execute all documents necessary to complete both transactions.
Key Facts
• Barren County Economic Authority met March 13 at 8:15 a.m.
• Members approved sale of 1-acre tract on Carroll Knicely Drive to Spantech or its holding company STEM Holdings LLC.
• Purchase price for the 1-acre tract is $24,000.
• Authority also approved sale of the speculative building at South Cooper Industrial Park, identified as 100 Beltline Boulevard.
• Union Coating and Chemicals or its holding entity will buy the South Cooper Industrial Park facility.
• Total purchase price for 100 Beltline Boulevard is $4,350,000.
• Meeting audio indicates $3.5 million is for the facility, $850,000 is a build-out allowance.
• Both property sales were announced after a closed session of the authority.
Michael Crimmins with Glasgow News 1 contributed to this reporting.
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