In an email sent to the City of McMinnville Mayor, Alderman and City Administrator, Kent Leach of Hickory Creek Partners LLC in Knoxville informed them that they are withdrawing their proposal to purchase the Blue Building property due to a lack of affordable housing tax credits.
Hickory Creek Partners were one of four proposals presented at a special called meeting Monday night at the Milner Recreation Center. Leach told the board they would be seeking tax credits from the state to develop 40 units that would be Section 42 housing. This week The Tennessee Housing Development Agency met to finalize the 2022 QAP, or Qualified Allocation Plan which determine how credits are awarded. Warren Co. initially scored high but was downgraded but Leach said they felt that expectation would be attainable. But with additional changes for 2022 Leach said it made it unlikely to win the credits and therefore they are withdrawing their proposal. The goal was to apply for the funding in April 2022 and could have received them by August of next year.
That leaves Investment Partners LLC, which consist of Jewell Hale, Bobby Kirby and Kirby’s son, Lake Kirby, as a strong front runner to purchase the property but the city has the final decision. Leach touted them in the email calling it an excellent proposal and fully supported them.
Leach went on to talk about the hospitality of McMinnville and the community and making them feel welcome an encouraged by the future leadersip.
The board will meet in regular session Tuesday night Nov. 23 to discuss the property and possibly approve or reject the proposals. The meeting will be at 7pm.