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Wlaf1450The property will become Campbell County’s Industrial Park
By Charlotte Underwood
LAFOLLETTE, TN (WLAF)- The Industrial Development Board (IDB) met on Tuesday evening, approving multiple resolutions including a contract to acquire 232 acres of property which will become Campbell County’s Industrial Park.
The IDB board approved a resolution authorizing the execution of a purchase contract and deed of trust for 232 acres of Eagle Ridge Property from Mike Malicote and partners for future industrial sites. This is something the IDB has been working on over the past year.
“Hopefully tonight is the finalization of the process of this. The Eagle Ridge Group is selling the property to the IDB “for a token amount of money. In turn, this board will be applying for grants to develop it into Campbell County’s first real Industrial Park,” Jay Willoughby said.
“This executes a sales contract agreement to transfer the property over to the IDB. We have had our attorneys working on this, and it is something that is fair to both sides and it protects the board and the county and Eagle Ridge property owners,” Willoughby said.
The contract should be closed by mid-month, according to Willoughby, who also said this is the first step for the IDB to be able to apply for grants to develop the property and recruit additional industry to the area.
The 232 acres that will become the new industrial park touches the 195-acre Erschell Collins Industrial Park in Caryville. According to Willoughby, United Rare Earths wants 106 acres of the new industrial park property. United Rare Earths has already invested around a million dollars in Caryville at the Erschell Collins Industrial Park.
The resolution also includes first right of refusal to United Rare Earths on this 106-acre tract of property. This first refusal will have a time frame of 36 months before it expires.
“United Rare Earths will be putting a $200 million dollar facility on the 106 acres, which will bring in over a million in tax revenue yearly from just one facility,” Willoughby said, adding that “three or four years down the road, the Industrial Park could bring in $3 to $4 million in tax revenue for the county.”
He said the goal was to get grants to develop the property and once industry companies are ready to buy it and it’s agreed upon, the IDB will sell the land back to the original owners for a token amount, who will then handle the sale to the industrial companies.
“The county gets industry and everybody wins, especially the workers in Campbell County because they will have jobs,” Willoughby said.
The IDB also approved a resolution to apply for a $35 million Economic Development Agency Disaster Supplemental Funding grant. Funds will be used for infrastructure at the new industrial park such as roads, water, sewer, and electric upgrades within the park. The upgrade will serve the existing Erschell Collins Industrial Park and the new Campbell County Industrial Park.
Another resolution was approved for the first step in establishing a $20 million Industrial Revenue bond for United Rare Earths.
“This is for initial bonding issue of $20 million dollars. This is the first stage; the second stage is a letter that the company has to sign. The board has no liability, the county has no liability, the company (United Rare Earths) is who is issuing the bonds,” Willoughby explained.
In other business, the IDB also approved for a Tennessee Valley Authority power study on the property. The Joint Economic Development Board is supplying up to $20,000 for the Tennessee Valley Authority Power Study. The IDB approved on Tuesday evening for that money to be spent when the power study is completed.
Also approved was the engineering study for the industrial site grant application with Robert Campbell.
The IDB also approved the election of officers and to retain officers as they are which is Mike Freeman as board chairman, Jay Willoughby as vice- chairman and secretary/treasurer is Rhonda Longmire. (WLAF NEWS PUBLISHED-01/07/2026-6AM)