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Hogan’s Dam on the market again?

Two years after the Town of Pulaski sold its Hogan’s Dam property to a local development group for $400,000, the property is once again on the market – but this time the asking price is more than 10 times that amount.
In a listing on the United Country Real Estate website, Realtor T. Mauyer Gallimore has the 1,733-acre property and 40-acre lake listed for $4.5 million.
Stan Moran, managing member of purchasing company Thornspring Group LLC, said the listing is “exploratory.
“We’re just entertaining ideas and concepts from other interested parties. In this economic market, we have to explore all possibilities of development,” he said. “We are going forward with our overall plan for the property – to develop it to its fullest extent and fulfill our obligations with the town.”
Moran stressed all conditions set forth in the purchase contract with the Town of Pulaski will always be legally binding to any property owner.
“If we do enter into any contract or partnership everyone will still be bound by all the guidelines and stipulations the town requested” in the contract, he added.
“In this process we have completed repairs to the dam, stabilization of the soil erosion, and are currently working on stabilization of the existing roads.”
Some of those stipulations called for the town to retain rights to use the reservoir for a backup water supply in the event of a drought, and commercial logging of the property was prohibited.
“We are excited about going forward with and completing this project for the benefit of the town, county and all parties concerned,” he said.
In 2007, the town’s decision to sell the property to Thornspring Group LLC sparked an uproar among town and county residents who expressed concern that the company might strip the property of its timber. Citizens also objected to the property being sold to Thornspring Group for $400,000 when another group, Hogan’s Dam Inc. (HDI), offered $700,000.
Despite the objections, Pulaski Town Council voted 5-1 to move forward with the sale, saying HDI didn’t officially exist and didn’t have the money in hand to complete the purchase in time to meet a deadline for having repairs made to the dam. Councilman Joel Burchett Jr. cast the dissenting vote.
Both offers (Thornspring and HDI) included the purchase and repair of the dam and allowing the town to retain rights to use the reservoir for a backup water supply.
Former Mayor Charles Wade said at that time the cost to repair the dam was probably going to be closer to $1.2- $1.3 million, rather than the $800,000 estimate the town received several years earlier.
According to the property listing, the lake has a “newly renovated spillway that has been issued a new operational permit.”
Town Manager John Hawley said Thursday he first learned of the property being up for sale Wednesday afternoon. He said he was surprised in some respects to find out that the property was on the market again, but “in this economy it didn’t totally surprise me.”
He said it is his “unlicensed legal opinion” the town’s water rights will still be protected if the property is sold again. He said he believes the sales contract with Thornspring will protect the water rights and preserve the commercial logging restrictions on the property.
Hawley did not know how much the dam repairs cost Thornspring and said he hasn’t heard why the group is trying to sell the property.
Burchett said he, too, learned Wednesday afternoon that the property was back on the market.
“Seeing what they’re asking for (the property) just reinforces my belief it wasn’t a good idea to sell it to them,” he said.
Burchett, a licensed real estate agent, objected to the sale to Thornspring in 2007, saying it is incumbent upon the town to get the best possible price on the land for its constituents.
“I don’t know why they’re selling it, but it’s probably related to the economy or the scope of the land was more than they wanted to deal with, Burchett said before Moran was contacted by The Southwest Times.
“I’d be interested to know why they didn’t do anything with it,” he added.
Burchett said he feels sure the group isn’t expecting to get $4.5 million for the property. “They’re pricing it to have room to negotiate most definitely,” he said. “I don’t have any ill will toward them” for trying to get the maximum price for the property. “That’s what a good businessman does.”
As for the town’s water rights, Burchett said he thinks the water rights will be protected if the property is sold to someone else. However, he noted, “we’re going to have to monitor it closely to make sure the town’s water supply is protected.”
Burchett said the sale could be a positive if the purchaser is interested in pursing a project that would maintain the public’s access to the lake. He noted that Thornspring’s plans to construct a private housing development would have reduced or eliminated public access.

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Hogan’s Dam on the market again?

Two years after the Town of Pulaski sold its Hogan’s Dam property to a local development group for $400,000, the property is once again on the market – but this time the asking price is more than 10 times that amount.
In a listing on the United Country Real Estate website, Realtor T. Mauyer Gallimore has the 1,733-acre property and 40-acre lake listed for $4.5 million.
Stan Moran, managing member of purchasing company Thornspring Group LLC, said the listing is “exploratory.
“We’re just entertaining ideas and concepts from other interested parties. In this economic market, we have to explore all possibilities of development,” he said. “We are going forward with our overall plan for the property – to develop it to its fullest extent and fulfill our obligations with the town.”
Moran stressed all conditions set forth in the purchase contract with the Town of Pulaski will always be legally binding to any property owner.
“If we do enter into any contract or partnership everyone will still be bound by all the guidelines and stipulations the town requested” in the contract, he added.
“In this process we have completed repairs to the dam, stabilization of the soil erosion, and are currently working on stabilization of the existing roads.”
Some of those stipulations called for the town to retain rights to use the reservoir for a backup water supply in the event of a drought, and commercial logging of the property was prohibited.
“We are excited about going forward with and completing this project for the benefit of the town, county and all parties concerned,” he said.
In 2007, the town’s decision to sell the property to Thornspring Group LLC sparked an uproar among town and county residents who expressed concern that the company might strip the property of its timber. Citizens also objected to the property being sold to Thornspring Group for $400,000 when another group, Hogan’s Dam Inc. (HDI), offered $700,000.
Despite the objections, Pulaski Town Council voted 5-1 to move forward with the sale, saying HDI didn’t officially exist and didn’t have the money in hand to complete the purchase in time to meet a deadline for having repairs made to the dam. Councilman Joel Burchett Jr. cast the dissenting vote.
Both offers (Thornspring and HDI) included the purchase and repair of the dam and allowing the town to retain rights to use the reservoir for a backup water supply.
Former Mayor Charles Wade said at that time the cost to repair the dam was probably going to be closer to $1.2- $1.3 million, rather than the $800,000 estimate the town received several years earlier.
According to the property listing, the lake has a “newly renovated spillway that has been issued a new operational permit.”
Town Manager John Hawley said Thursday he first learned of the property being up for sale Wednesday afternoon. He said he was surprised in some respects to find out that the property was on the market again, but “in this economy it didn’t totally surprise me.”
He said it is his “unlicensed legal opinion” the town’s water rights will still be protected if the property is sold again. He said he believes the sales contract with Thornspring will protect the water rights and preserve the commercial logging restrictions on the property.
Hawley did not know how much the dam repairs cost Thornspring and said he hasn’t heard why the group is trying to sell the property.
Burchett said he, too, learned Wednesday afternoon that the property was back on the market.
“Seeing what they’re asking for (the property) just reinforces my belief it wasn’t a good idea to sell it to them,” he said.
Burchett, a licensed real estate agent, objected to the sale to Thornspring in 2007, saying it is incumbent upon the town to get the best possible price on the land for its constituents.
“I don’t know why they’re selling it, but it’s probably related to the economy or the scope of the land was more than they wanted to deal with, Burchett said before Moran was contacted by The Southwest Times.
“I’d be interested to know why they didn’t do anything with it,” he added.
Burchett said he feels sure the group isn’t expecting to get $4.5 million for the property. “They’re pricing it to have room to negotiate most definitely,” he said. “I don’t have any ill will toward them” for trying to get the maximum price for the property. “That’s what a good businessman does.”
As for the town’s water rights, Burchett said he thinks the water rights will be protected if the property is sold to someone else. However, he noted, “we’re going to have to monitor it closely to make sure the town’s water supply is protected.”
Burchett said the sale could be a positive if the purchaser is interested in pursing a project that would maintain the public’s access to the lake. He noted that Thornspring’s plans to construct a private housing development would have reduced or eliminated public access.

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