The city of Tullahoma will embark upon negotiations on the potential sale or lease of the former RockTenn building located on East Carroll Street.
At a recent meeting of the Tullahoma Board of Mayor and Aldermen, the board approved the authorization for the mayor, City Administrator Jennifer Moody and City Attorney Steve Worsham to negotiate either the sale or the lease of the building, which was the home of RockTenn for many years.
Alderman Jenna Amacher questioned why the item on that agenda was listed as “lease or sale” and requested further clarification on the verbiage of the item, which the city administrator provided.
According to Moody, the city has maintained a lease agreement with its current tenant for the last five years. That lease is now coming upon its expiration, and the city would like to renegotiate the terms of that lease. That tenant, Moody said, is agreeable to renegotiating the terms of the lease but is also potentially interested in buying the building from the city outright, hence the need for authorization to either continue to lease the building or to sell it.
Selling the building would bring a couple different benefits to the city, Moody said, including adding the building back onto the Coffee County and city of Tullahoma tax rolls, as well as getting the city out of the liability of the building, which has a “failing roof structure.”
“We have had the city engineer, Scot St. John, do a visual inspection of the roof,” she said. “It is in need of a total replacement. There are areas of the sub-structure that are damaged that would have to be repaired, and we are in the price range of, easily, $500,000.
“Our preference would be a sale, if we can negotiate that.”
The authorization was approved unanimously.