More than a year and a half after the city of Smyrna sold $16.3 million in bonds to buy the old Hickory Lakes Apartments and razed the 48-acre tract for a developer to buy and build on, the land is still up for sale.
There was a whiff of interest about a month ago, city administrator Eric Taylor said this week, when the city received a letter of intent from a "company to be later identified" that was interested in purchasing and developing the property. He declined to offer more details.
"It's fair to say now we are open to ideas, and any idea that comes forward we'll look at," Taylor said. "That doesn't mean they'll go forward."
A deal earlier this year to buy and develop the land — with the proposed charter school Smyrna Academy of Excellence as the anchor tenant — died when the developer never made a formal proposal.
The purchase of the property at the corner of Windy Hill and Old Concord roads drew criticism from the beginning. One of the most vocal critics, two-time mayoral candidate Alex Backry, denounced it again last week during a City Council meeting, saying the city had no business speculating in the real estate market with taxpayer money.
But the first bond payment doesn't come due on the land until February 2014, so there's no reason to panic, Ward 3 council member Teri Anulewicz said this week.
"The city is in a very healthy financial position," Anulewicz said. "I think we'll get the property sold before the payments come due."
She said the city made the right decision because it has control over development beyond permitting and zoning. "I feel good about the deal," she said.
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