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Business/Money

October 23, 2012

Clarksville buys old drive-in property

CLARKSVILLE — The Clarksville Town Council voted unanimously to purchase the site of the town’s old drive-in theater for $500,000 at a special meeting Tuesday.

The town purchased the property from Carl Love, who was represented by Baker Commercial Real Estate. Half the purchase price is required in cash at closing. An additional $125,000 is due each of the next two years, interest-free. The payments will be made out of bond anticipation notes. The town will close on the property by Nov. 2, per the contract signed by Clarksville Town Council President John Gilkey.

“We required a significant easement because of the relocation of some utilities, and they were going to take a significant portion of the property,” Gilkey said. “When we looked at it, it made sense.”

As part of the agreement, the town agreed to take on property taxes Love owes for November of this year. Town Zoning Board Attorney Rebecca Lockard said the town plans to apply to have the taxes waived.

Gilkey is confident that the town had gotten the best price possible for the drive-in property. Gilkey said the original asking price was $800,000.

A portion of the property will be turned into a soccer field. The town had closed a soccer field that it had operated at Midway Park. Additionally, a portion of the property will be used for acceleration and deceleration lanes along Browns Station Way at the entrance of the town’s wastewater treatment plant, Gilkey said.

“As it exists now, it’s just a 90-degree intersection and somewhat of a safety hazard,” Gilkey said, “so we saw this as an opportunity to resolve that issue, acquire the easements that we had to have for the utility relocation and to create a location where we can move the soccer field.”

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