A 707-acre master-planned industrial park, Highland 75 is a project of the JDA on Cassville-White Road. Infrastructure and advanced development certifications were completed last year as marketing efforts have continued to seek prospects.
Spearheading the park's marketing plan is TPA Realty Services. TPA Vice President Paul Michael represented the agency at Tuesday's meeting relaying signs of a weak market and fears of international economic uncertainty.
"General activity at the park continues to be somewhat slow, we're a little bit disappointed in recent weeks. We continue to monitor global economic conditions, we've heard concerns that may have a ripple effect in the decision-making process of some of the companies we've been in discussions with," Michael said.
The development authority approved Tuesday a budget for the remainder of 2011 for Highland 75 common area maintenance. Covering landscaping services, plants, flowers, maintenance, utilities and management fees, the budget for the rest of the year was approved for $10,670 with additional funds included in case of emergencies. With an estimated $4,500 to $5,000 spent thus far in 2011 on these items, Michael noted that Highland 75 comes in far less than comparable developments overseen by TPA.
"This is significantly less than what we're spending at other parks. Probably, our best comparison is our Stanton Springs project east of Atlanta and our common-area budget is pretty comparable, it's a fairly basic budget like we put together here. It's somewhere in the neighborhood of $35,000 a year for that. We have a mile and a half of four-lane parkway in the project but no development has occurred out there at this point, so it's at a similar stage to where we are here," Michael said.
The authority also approved the 2010 JDA audit, debt service payment authorizations and monthly financial reports.