TVA to begin auctioning off surplus land on Muscle Shoals Reservation

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COLBERT COUNTY, Ala. (WHNT) - Three years after declaring more than 1,000 acres of land as surplus on the Muscle Shoals Reservation, TVA is gearing up to auction the first parcels.

A two-acre plot of land with a commercial building on it may not seem very important on the auction floor, but it’s very significant in the grand scheme of things.

The property which is currently home to the TVA Community Credit Union will be auctioned off on August 28th.  It’s the first of two parcels being auctioned off as part of the TVA master redevelopment plan for the reservation.

“We had interest from perspective purchasers in these two parcels and decided to move forward with the auction of them at this time,” said Mike Tindle, a TVA attorney for Real Property Services.

TVA has worked with the cities of Muscle Shoals and Sheffield to develop governance over the properties declared surplus. Inside the 1,000 acres, TVA said there will be a mix of uses. To help spur growth the parcels have been zoned for light industrial, commercial and retail.

“To go on a national scale and search for new developers for the area and be able to hand them the documents that say this is how the property is going to be governed, this is your zoning, this is who is going to provide all the infrastructure,” explained Heather Montgomery, TVA Special Land Use senior program manager.

And TVA officials said they will allow the real estate markets to dictate when they will auction off the other parcels of land which have already been divided.

Muscle Shoals Reservation Auction Information:

The Tennessee Valley Authority (TVA) proposes to sell at public auction two tracts of land located on the Muscle Shoals Reservation in Colbert County, Ala.:

(1) TVA Tract No. X2NPT-25, containing approximately 1.965 acres

TVA Tract No. X2NPT-25 is improved with a single story commercial office building of approximately 7,880 square feet. The land and improvements will be sold to the qualified bidder offering the highest bid in the form of certified cashier’s check or wire transfer of immediately available funds. The auction will be held at the TVA Multipurpose Building located on the TVA Reservation in Muscle Shoals, Ala., on Aug. 28, 2015, at 9:00 a.m. CDT.

In order to qualify to bid, TVA must receive from each prospective bidder no later than 11:59 p.m. EDT on Aug. 24, 2015, (1) a $25,000.00 earnest money deposit, (2) a letter of intent to bid at the auction setting forth the bidder’s legal entity name, address, phone number and email address, and (3) credentials, satisfactory to TVA in its sole discretion, evidencing the ability of the prospective bidder to close the sale. The letter of intent to bid and credentials must be sent by a recognized overnight courier service that provides a receipt of delivery. Prospective bidders who fail to qualify will be notified prior to the auction.

Minimum Acceptable Bid For TVA Tract No. X2NPT-25 is $780,000.00.

(2) TVA Tract No. X2NPT-37, containing approximately 10.72 acres.

TVA Tract No. X2NPT-37 is encumbered by a flood control levee along Pond Creek. The land will be sold to the qualified bidder offering the highest bid in the form of a check or wire transfer of immediately available funds. The auction will be held at the TVA Multipurpose Building located on the TVA Reservation in Muscle Shoals, Ala., on Aug. 28, 2015, at 11:00 a.m. CDT.

In order to qualify to bid, TVA must receive from each prospective bidder no later than 11:59 p.m. EDT on Aug. 24, 2015, (1) a letter of intent to bid at the auction setting forth the bidder’s legal entity name, address, phone number and email address, and (2) a one- to two-page overview summarizing, with sufficient details, the prospective bidder’s capability to operate and maintain flood control works. The letter of intent to bid and one- to two-page overview must be sent by a recognized overnight courier service that provides a receipt of delivery. Prospective bidders who fail to qualify will be notified prior to the auction.

Minimum Acceptable Bid For TVA Tract No. X2NPT-37 is $100.00.

The Notice of Public Auction (“Notice”) for each tract specifically describes the land and improvements (if any) to be sold. The land and improvements (if any) will be sold pursuant to the special terms and conditions, covenants, restrictions, reservations, exceptions and/or limitations specifically set forth in the Notice and as may be announced on the day of the auction. TVA will reserve the right to reject any and all bids. A copy of the Notice for each tract can be obtained from the TVA website starting tomorrow, Aug. 6 at http://www.tva.gov/surplus/realestate.htm

For further information regarding the sale and bid requirements, to inspect the properties, or to submit bid qualifications, contact:

Gregory C. Hadden, CCIM
Tennessee Valley Authority
1101 Market St. (BR 4A)
Chattanooga, TN 37402-2801
Phone: 423-751-8305
Fax: 423-751-7011
Email: gchadden@tva.gov

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