By Tia Lynn Ivey, Managing Editor
An anonymous donor is gifting 40 acres of land to the City of Madison that is potentially worth more than $400,000. The Madison Mayor and City Council voted unanimously to accept the gift at the Dec, 9 regular meeting.
“To my knowledge, it’s the largest land gift the city has ever gotten,” said City Manager David Nunn. “This is a nice piece of property and a very generous gift.”
The parcel is located off Bass Road in Madison, near 441 North and is currently zoned as Industrial. According to city leaders, the anonymous donor is hoping the land could one day be an “economic benefit” to the city. The only stipulation is that the city cannot sell the land for three years.
According to Nunn, the city has multiple options for how to use the land in the future.
“This gives us a lot of opportunities,” said Nunn.
Nunn said the city usually does not own enough land to use to develop new businesses and industries, having to work with private landowners and companies to facilitate economic development.
“Now the city will own this piece of property that is zoned Industrial,” said Nunn. “It has water and could easily get natural gas and sewer extended into it…It’s well-situated, the topography seems to be favorable, it’s 42 acres and it gives the city a lot of options of what to do with it.”
According to Nunn, the property could one day be sold as a lease purchase, depending on how it’s marketed, and could become home to new businesses in Madison or part of the land may be used for Greenspace.
“We don’t know exactly how we will use this piece of property. Appraisals have to be done and assessments. But we do know there is a lot of potential with this land for the city.”
According to Nunn, the city will have to have official appraisals done to determine the exact value of the property.
“Whatever it is, it’s definitely worth way more than we paid for it,” joked Nunn.