HOLLYWOOD, Ala. -- Nuclear Development, LLC entered into a contract to purchase the partially completed Bellefonte Nuclear Plant from the Tennessee Valley Authority for $111 million.
Nuclear Development, LLC purchased the Jackson County property at a public auction Monday morning. The sale price was more than three times the minimum bid of $36.4 million. There were two bidders, and the process took only minutes as local officials, plant employees, and the public looked on.
The company plans to invest up to an additional $13 billion to compete construction of the facility, beginning in 2017. The project is expected to create between 3,000 and 4,000 temporary construction jobs and an estimated 2,000 permanent high paying jobs once operational.
Once completed Bellefonte will feature state-of-the-art technology and security systems, including double-barrier safety barriers.
Nuclear Development, LLC is a family owned and managed company established in 2012 by Franklin L. Haney. Haney developed a multi-faceted business with national investments in real estate and property development. The company is based out-of-state.
There's no active nuclear material at the never-completed plant. Development of the first two Bellefonte units began in the 1970s as part of TVA's plan to meet future demand with nuclear generation. The project was suspended in 1988. A small staff has remained on hand to maintain the facility.
TVA officials say due to a shift in demand TVA opened a public comment period to get community input on the plant's future. In May, the TVA board approved the sale of the facility at auction.
TVA officials say the sole goal in selling this property is to bring economic development to area. Last year, TVA announced Google's plans to build a $600 million data center at its retired Widows Creek Coal Plant, which is near Bellefonte Nuclear Plant. Jackson County economic development officials say that move coupled with this latest plan for Bellefonte means a big impact in the area's economic growth, and the county's future.