By Meredith Gardner
meredith.gardner@theindependent.com

The two parties came to a consensus on the purchase price on Friday and have drafted a copy of the agreement, said Marlan Ferguson, EDC president.

The purchase price is confidential until the deal is closed, likely no sooner than September, Ferguson said.

In January, the Hall County Board of Supervisors designated the EDC as the buyer of 1,750 acres of land at the site of the old plant. The EDC hopes to use that portion of the former plant site for an intermodal transportation center and an industrial park with a foreign trade zone.

Ferguson said he spoke with representatives from the county board last week, who indicated that as long as the EDC and Army had an agreement in principle by today, the EDC would be clear to move forward with the purchase.

Since the EDC and Army have a price and a written draft of the agreement, "I think we're OK," Ferguson said.

The earnest money for the property will be paid once the agreement is finalized and signed, which should take place sometime this week, he said.

The negotiation process was a complicated one, Ferguson said, because of the environmental concerns associated with the land. The EDC had to not only have the land appraised but also analyze the cost of the cleanup, which could include old asbestos pits, concrete foundations and chain link-fencing. Since the government is responsible for that cleanup, the cost had to be figured into the purchase price.

Now, the EDC plans to start looking for grants and funding it can use to build needed infrastructure on the land. They're also coming up with ideas to market and develop the site, Ferguson said.

"Obviously, it's a long-term plan," Ferguson said, as it may take 20 years to develop the land. "We're excited about it, excited to get started."