The Henry County Industrial Development Authority (IDA) entered into a purchase option agreement on Monday with a currently unannounced industry for the potential sale of the Patriot Centre II property.
Patriot Centre II, more commonly referred to as the Bryant Property, is an approximately 1,200- acre undeveloped industrial site adjacent to the original Patriot Centre Industrial Park.
“This agreement represents an exciting opportunity for our community,” said Dale Wagoner, Executive Director of the IDA and County Administrator. “If it moves forward, it could lead to significant capital investment and bring high-paying jobs to Henry County—exactly the kind of growth we want to support our residents and future generations.”
The company negotiated a 6-month purchase option agreement with the IDA at a cost of $50,000. A purchase option gives a potential buyer the exclusive right—but not the obligation— to buy a property. It allows the company to evaluate the site by performing environmental studies, feasibility assessments, and planning without committing to a full purchase up front. The IDA has agreed to allow the company to extend its option, if necessary, by another six months for an additional $50,000.
Should the site prove suitable for the needs of the company, they will have the option to buy the Bryant property for $1.2 million. The purchase will be accompanied by a performance agreement with the IDA to incentivize targeted capital investment and job creation metrics.
The IDA also approved a resolution authorizing the close out of its New Market Tax Credits Project which helped to construct the Commonwealth Centre for Advanced Training (CCAT), a million-gallon water storage tank, wastewater lift station and associated infrastructure at Commonwealth Crossing Business Centre (CCBC).
The close-out will formally transfer the water and sewer assets to the Henry County Public Service Authority and CCAT to the IDA. CCAT will remain open for industries to conduct training as they await the construction of their facilities at CCBC.