The Henry County Industrial Development Authority (IDA) entered into a purchase option agreement with a currently unannounced industry for the potential sale of the Patriot Centre II property.
Patriot Centre II, more commonly referred to as the Bryant Property, is an approximately 1,200 acre undeveloped industrial site to the north side of the original Patriot Centre Industrial Park.
IDA Executive Director and County Administrator Dale Wagoner said the county bought the land in 2007 for economic development purposes.
The company negotiated a six-month purchase option agreement with the IDA at a cost of $50,000. A purchase option gives a potential buyer the exclusive right—but not the obligation— to buy a property.
“This company wants to take an option to purchase the property for six-months to give them time to do geotechnical work, to do their environmental tests, and those types of things to make sure it’s suitable for their purpose,” Wagoner said.
If necessary, the company can extend the contract by six months for an additional $50,000.
“During that one-year period we agree not to market it to other companies or show it to other companies during that time while they do their due diligence to see if it will work for them,” he said.
Wagoner said if the company wants to purchase the Bryant property after doing its due diligence, the IDA agreed to sell it for $1.2 million.
“Between now and then if they agree to do it we’ll develop a performance agreement and the sale will close,” he said.
The name of the business and additional information will be disclosed at closing if the company decides to purchase it. As allowed under law, Wagoner said the county’s keeping the name of that company private to the public as an unannounced industry, which is allowed.
The company’s codename is “Project Pathfinder.”
“It is a private, American-based company but publicly traded. The initial data that they provided to us, that is the economic impact, will be well over one billion dollars. Their construction will create hundreds of construction jobs and then the final is over 140 jobs making over $118,000 a year,” he said.
Wagoner said the agreement represents an exciting opportunity for Henry County.
“If it moves forward, it could lead to significant capital investment and bring high-paying jobs to Henry County—exactly the kind of growth we want to support our residents and future generations,” he said.
The IDA also approved a resolution authorizing the closing out of its New Market Tax Credits Project, which helped to construct the Commonwealth Centre for Advanced Training (CCAT), a million-gallon water storage tank, wastewater lift station and associated infrastructure at Commonwealth Crossing Business Centre (CCBC). The close-out will formally transfer the water and sewer assets to the Henry County Public Service Authority and CCAT to the IDA.
The CCAT will remain open for industries to conduct training as it awaits the construction of facilities at CCBC.
