More than 90 days into a letter of intent, officials with the Trigg County Fiscal Court have been notified that prospective buyers for the Cadiz I-24 Business Park Spec Building are putting their plans on hold until further notice.
That’s according to Judge-Executive Stan Humphries, who Monday night discussed with magistrates the next steps for the property, and why “Project Snooze” has been frozen.
Humphries said the unnamed company “quickly picked up” on the building and its location back in August, and entered into that letter of intent.
This document, however, required 120 days of due diligence, and since then, Humphries said several factors have changed both regionally and nationally — including a general election cycle.
Officials with this unspecified business notified Humphries and the South Western Kentucky Economic Development Council last week, and in turn, Humphries further noted that this company knows the building is back on the market — but that a revisit with this company at a later date cannot be overruled.
Earlier this month, the court made a “hefty” investment with the interest payments on the property, and Monday night approved for TVA’s Regional Development Agency Assistance Program funds totaling more than $153,000 be allocated for the project. Humphries confirmed that paid interest will eventually be reimbursed, once a company buys the building and completes its 120-day letter of intent.
Humphries said they would sell the building “tomorrow” if they could, but understood that an investment this large does require a four-month lay period before the transaction is complete.
In other court news:
— Humphries said the Trigg County Recreation Complex re-bidding process will begin “as soon as possible,” especially since those capital grant funds expire September 2025.
— County Treasurer Lucy Kyler said officials from Compass Financial will be assisting with the designation of ARPA monies to be placed in Trigg County’s general fund, which will be earmarked for the court’s planned build of a new Trigg County Rescue facility. Kyler and Humphries both noted that the bidding process would be “much smoother,” once those funds are slated as general cash.
— Tina Loomis and Stephanie Perry were both reappointed to the Trigg County Hospital’s Board of Directors, with terms expiring in 2028.
— And Humphries said a few dates need to be on everyone’s calendars: this water district will be meeting at 10 AM Wednesday at the PeADD offices in Hopkinsville, the Pennyrile District Health Department will be naming its executive director Thursday in Eddyville, next Monday will be a pivotal noon meeting with the South Western Kentucky Economic Development Council at Pennyrile Electric in Hopkinsville, and the county will be observing Thanksgiving November 28 and 29.
