Former MJES site appraised at $3.4 million

new story posted at the web site of the Mt. Juliet News. [Registration required, but it’s free]

The county-owned, 12-acre former elementary school site and premium piece of real estate in Mt. Juliet has been appraised at $3.4 million, according to Wilson County Mayor Robert Dedman.

“The county has owned it for years, and I was told last night it was just appraised at $3.4 million,” Dedman said. “I’ve had several calls from real estate people interested in it, but we put it off for the reappraisal. Mike Jennings [county attorney] has a list of the people interested, and I think the county commission is ready to let it go.”

Dedman noted the asking price would most likely be $3.5 million.

Best quote from the story comes in the follow-up section on the Town Center Overlay zoning restrictions that currently apply to the site:

“When I was campaigning [for her second term as Mayor], someone told me there were problems with the Town Center Overlay,” she [Mayor Elam] said Tuesday. “I had never heard of such issues, but thought it should be looked at again a few years later from when it was conceived.

Really? Up until the campaign, Mayor Elam had never heard of any problems with the Town Center Overlay? Gosh. It’s a good thing somebody told her during the campaign, so she could leap into action three months later. 

On another note, it doesn’t sound like the county will be interested in selling the site to the City for $1,050,000 [or $2,000,000].

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2 Comments

Filed under Mt. Juliet City Commission, Wilson County Commission, YMCA

2 responses to “Former MJES site appraised at $3.4 million

  1. Butch Huber

    I think I hit the nail on the head. I am not certain, but I think I projected that the Old MJES site was worth $3.4 million. I know that I estimated that its worth was between $3 and $4 million. This is an appraisal that was conducted recently, so they can’t really say that the land isn’t worth that much.

    The county was right to have this land appraised and put it up for sale to the general public, and I say that for more than one reason. The city was going to abuse their authority by buying this land and essentially giving it to the YMCA. They would have bought it and given it away had I not pressed them so hard. But my pressure on them delayed the progress too long for them to be able to effect the deal with the county. But the second reason the county did the right thing by putting this property on the open market is because it is the right way for them to sell that property. Had they concluded this deal with the city they would have robbed the public of a shot at that property and they would have sold the property way under market value. Had the county concluded this deal with the city, they way the city was originally tried to complete the sale, the county would have been complicit with a bond fraud scheme. The city may have been crazy enough to commit bond fraud in their frenzied effort to give the YMCA a Multi-million dollar gift (and we now know it would have been a multi-million dollar deal. The city was going to give them 8 acres of the approximately 12 acres located at the Old MJES site. Let’s do the math. $3.4 million divided by 12 acres = $283,333 per acre. 8 acres x $283,333 = $2,286,664.), but the county wasn’t crazy enough to get mixed up in it.

    The county is trying to do its part on the costs to build out the eastern connector road, but the city is standing in their way with unreasonable restrictions on the Old MJES site. The County tried to get the city to purchase that property from them, and as a part of the deal the County would contribute back to the city the $950,000 that is the county’s portion of the costs to fix the reverse L portion of Curd Road in the form of a credit. The city called that $950,000 a “discount”, slapping the county in the face in the process.

    Now the media is pressuring the county to sell that property quickly. They are saying that the county needs to sell that land to help pay for fire protection in Mt. Juliet or to have a rainy day fund. I disagree that they “need” to sell that property “quickly”. I think they need to sell that property “properly and wisely”. If it would be wiser for them to hold the property they should just sit on it for now. If it would be wiser for them to sell it to a developer right now they should sell it right way. But either way, they should do what is right, not what the media and others with personal interests want them to do.

  2. Paul Deyo

    At one time a private buyer was interested in the MJES site at what was at the time a fair price (in excess of what the city was planning to pay) and the county didn’t sell to them. Don’t know what caused that deal to go away. They had gone as far as bringing in a concept plan that met the TCO requirements, which we approved with suggestions.

    I still think the TCO is a good idea and support it. It would be a shame if the city folds and allows something like a front-loaded strip mall on that site and others. The TCO, as much as it is criticized, is potentially the one bright spot on what will otherwise be a fairly ugly legacy for the Elam administration.

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