Concentric Energy Advisors, on behalf of the Tennessee Valley Authority, said Oct. 14 that it has scheduled a live auction for the sale of approximately 1,400 acres at TVA’s Bellefonte property for Nov. 14.
The auction for qualified bidders starts at 9:00 a.m. CST/10:00 a.m. EST. The property, site of an unfinished nuclear power plant, is located in Hollywood, Ala.
TVA’s primary goal in selling the site is to provide the best long-term economic return to the surrounding communities and the people of the Tennessee Valley. Each qualified bidder is required to provide a detailed spend plan for the investment in the property that demonstrates a commitment to economic investment in the area.
A minimum auction price of $36.4 million has been set by TVA. The site is not currently subject to any zoning regulations. The site could support a mix of industrial, commercial, retail and residential use.
Selling the property now is a smart business decision because TVA’s 2015 Integrated Resource Plan shows that large base-load capacity is not needed for more than 20 years, the company noted. Putting the property on the market allows future owners to provide maximum long-term economic value.