IDA Completes Sale of Property to Town of Pennington Gap

The Industrial Development Authority of Lee County (IDA) announced today (July 1, 2016) the sale of property at the Patriot Center Industrial Park to the Town of Pennington Gap. The property includes the Town Hall building located at 528 Industrial Drive. The property had been vacant for about three years until the town began leasing it last February after fire destroyed the former Town Hall location.

“The Town has been leasing the property for the last 16 months using insurance proceeds and both sides agreed it made sense for the Town to take ownership of the property,” stated Michael James, IDA Director. “This transaction enables the IDA to retire a significant amount of debt and strengthen its financial position. The Town gets a great building at a significantly cheaper cost than constructing a new Town Hall,” James continued.

“With the Lee County Extension Office moving next door, the citizens of Pennington Gap, including myself, have great access to several government facilities with plenty of space for possible expansion,” added Greg Edwards, IDA Chairman.

About the Industrial Development Authority of Lee County: The mission of the IDA of Lee County is to promote and facilitate economic growth and development in Lee County by recruiting manufacturing, industrial and commercial enterprises to locate or remain in Lee County, promote entrepreneurism and to enhance the economic well being of the citizens of Lee County. Michael James has been Director of the Authority since May, 2011.

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