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ACE property tenant asks to purchase property

Published: 9:42 AM, 11/25/2013 Last updated: 9:43 AM, 11/25/2013

Author: Duay O'Neil
Source: The Newport Plain Talk

NEWPORT—Members of the Newport/Cocke County Economic Development Commission’s Board of Directors, during their meeting Thursday afternoon, took no action on a request from the tenant of the ACE property to exercise his option to purchase the property.

Instead they approved a motion by Cocke County Mayor Vaughn Moore, seconded by Tommy Bible, to have an attorney “look at it first” and then have a called meeting before taking any action.

The current tenant leased the property with an option to purchase several years ago. During the course of the seven-year lease, the tenant "agrees to make payments in lieu of taxes (PILOT) to Cocke County…' through June 30, 2015.

For more details, please see the weekend edition of the Newport Plain Talk.

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