Town Creek gets green light on road project
Author: Tammy Cheek-News-Herald
Lenoir City Planning Commission approved Tuesday a surety bond for Tennessee Farmers, developers of the Town Creek project, to put a top coat on Town Creek Road.
The top coat, which is part of the first phase of the project, will be placed between Cotton Mill Road and Adessa, Leslie Johnson, Lenoir City codes enforcement officer, said. A surety bond is needed before work can began.
The commission previously approved a letter of credit from Tennessee Farmers for the work, which is the standard practice, Johnson said. However, Danny Kirby, the local representative for the development site and a planner, was asking the city to instead approve a certificate of deposit for $154,500 from First Farmers and Merchants Bank as the bond.
Planning Commissioner Eddie Simpson said he has never known the commission to do that but if Johnson felt comfortable with approval he would agree.
Johnson said she has "gone around and around" on the issue.
"This is a little different," she said, adding that with a CD the developers physically give over the money.
Johnson said the letter of credit and CD are simply two different forms of money. "Rather than a check they are going to give cash," she said.
Simpson said the Town Creek developers have been working with the city on the project, and the city has a $2 million grant to complete the road behind the high school. He said the developers have agreed to give $1 million up front and allow the city to draw on it as it needs to complete the road.
Simpson voted to recommend approving the CD as a surety bond.
In other business, the commission:
degrees Agreed to recommend approval of a reduced letter of credit from Spring Cress Realty to install a top coat at a development behind Shoney's. The letter of credit, originally for $50,000, was reduced to $9,200.
degrees Agreed to recommend an ordinance to rezone properties located along Highway 321 between E Street and First Avenue and E Street and Second Avenue from R-1 residential to C-3 commercial and R-2 residential.
Owners of those properties, Lenoir City Company, requested the rezoning to make the properties more marketable, Johnson said.
degrees Discussed but took no action on a request from Johnson for the commission to review the city's sign regulations in regard to allowable square footage.