HUNTSVILLE — The Industrial Development Board of Scott County has completed an acquisition of two key pieces of industrial real estate in Oneida, County Mayor Jeff Tibbals announced at Monday’s County Commission meeting.
The IDB has purchased both the Armstrong property at the former Oneida railroad depot, and the East Tennessee Enterprise Partnership (ETEP) property at the Scott County Airport.
The project to acquire the properties has been a months-long effort coordinated between the IDB and the Mayor’s Office. The move is significant because Scott County has a lack of available turnkey industrial properties, which has severely hampered its industrial recruitment efforts at times. However, it likely won’t take long for both properties to be put into use.
Tibbals told the Independent Herald Tuesday morning that the ETEP property is already under a lease agreement with an unnamed local company, which will have the option to purchase the property.
As for the Armstrong property, it will be “cleaned up by tearing down dilapidated buildings and divided into areas where more than one industry or business may locate,” Tibbals said. “We have already shown the property to companies that are seriously interested in leasing certain areas,” he added.
The ETEP property, on Airport Road just outside the airport, was formerly owned by Les Winningham. It consists of a 27,000 sq. ft. building on 3.5 acres of land and is appraised at $748,400.
The Armstrong property, long-time home of the Hartco flooring brand that was started by Tibbals Flooring Co., consists of nearly 36 acres in various plots, and numerous warehouses and buildings. The total appraised value of all parcels was a little less than $5 million as of the 2018 appraisal year.