The planned sale of Nashville Superspeedway to locally based NeXovation has fallen through, but NeXovation CEO Robb Sexton says he's not giving up. He says a big reason his team hasn't closed on its $46 million deal is that its lender hasn't followed through and, as such, caused lengthy delays. Now that the Dover deal has expired, NeXovation can look for other funders to back its plans.
"We have invested millions of dollars in the Speedway sales process and we are not going to allow the negative actions of others to deter us from our goal," Sexton said in a statement issued late Friday.
SEE ALSO: Dover's new 10-Q, in which execs say they are in talks with other potential buyers
The Lebanon Planning Commission has approved the site plan for a Music City Star train station at Hamilton Springs, which will be the line’s seventh station.
Horn Springs Development Inc. will serve as the developer. Nashville-based EOA Architects is the lead designer of the Hamilton Springs Station, with the Nashville office of Georgia-based Lose & Associates performing the site design.
According to a release, the additional station is needed, in part, to accommodate Wilson County’s population growth of about 33 percent since 1990. It will be located on Lebanon’s west side.
Hamilton Station, a 396-unit luxury apartment community at Hamilton Springs developed by Gross Builders, is about 94 percent occupied with the last units scheduled to be ready for occupancy in June.
Previously, the Regional Transportation Authority of Middle Tennessee was awarded a $1.6 million federal grant by the Nashville Metropolitan Planning Organization to fund the completion of Hamilton Springs Station.
“Several local leaders have been extremely supportive and helpful during this project,” Rick Bell, a partner with Horn Springs Development, said in the release. “Senator Mae Beavers, Mayor Philip Craighead and Councilwoman Kathy Warmath have worked to bring this project to fruition.”
Brothers Jack Bell and the aforementioned Rick Bell will provide matching funds for the project.
The board of First Freedom Bank in Lebanon has voted to pay shareholders an annual dividend of 20 cents, up from 15 cents last year and the 10 cents it paid when launching a dividend in 2013. The nine-year-old, $300 million bank led by President and CEO John Lancaster grew its profits by nearly half last year.
NeXovation principals and executives of Dover Motorsports last week amended — for the seventh time — their agreement to have locally based NeXovation buy the Nashville Superspeedway. The parties now expect to close on the deal by July 27, and NeXovation has paid Dover $400,000 (to go with the $2.5 million it has already handed over) and agreed to replenish its escrow account to the tune of $1.5 million by Monday.
Wilson County's planned $10 million Expo Center is under fire from area Republicans claiming the project shouldn't be backed by the government. County commissioners approved plans for the 86,000-square-foot project last month and a study estimates the project could be paid off in less than 20 years. But the Wilson County GOP is up in arms and there's a Lebanon-versus-Mt. Juliet element to the whole debate. Connie Esh at The Wilson Post has the details.
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