Nashville to Spend $8.2M on Acquisition of 600 Acres of Farm Land

As part of Nashville’s move to preserve undeveloped land for a cleaner and greener future, Music City officials are reportedly in the process of purchasing 600 acres of green space for a new park in Donelson.

Nashville to Spend $8.2M on Acquisition of 600 Acres of Farm Land Close
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Nashville to Spend $8.2M on Acquisition of 600 Acres of Farm Land

Posted by Gary Ashton: RE/MAX ADMIN on Thursday, January 10th, 2013 at 3:22pm.

As part of Nashville’s move to preserve undeveloped land for a cleaner and greener future, Music City officials are reportedly in the process of purchasing 600 acres of green space for a new park in Donelson. According to recent news reports, the acquisition of the land will cost a total of $8.2 million.

Despite the fact that city property records show that the land was appraised at $795,701 last year, Metro Finance Director Rich Riebeling says that these figures reflected its status as undeveloped or agricultural land (instead of its actual market value.)

The office of Nashville Mayor Karl Dean says that legislation to purchase the farm land, which is situated next to Stones River, was filed with the Metro Council last Friday. Sources say that Metro allotted $15 million for riverfront developments and open space projects for the fiscal year of 2013.

The hefty contract for preserving land was created by The Conservation Fund, which is a national nonprofit organization which structures deals between municipalities and landowners.

Although some observers believe that spending allotted for this preservation project is a little over-the-top, others believe that funding channeled to the park is worth the every expense necessary to affect the deal.

"Just as city leaders had the vision to set aside park land for Centennial, Shelby, Warner and Hadley 100 years ago, preserving this vast, beautiful acreage helps establish a grand park for future generations to enjoy," said Mayor Dean in a statement to the media.

"Nashville's Open Space Plan identified this type of property as a high priority, and the city now has a once-in-a-lifetime opportunity to bring it into our park system."

Moreover, the entire $8.2 million won’t be shouldered by Nashville on its own, as three nonprofit organizations have pledged to help raise $1 million by Dec. 20.

 

Gary Ashton

The Ashton Real Estate Group of RE/MAX Advantage

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