IDA purchases KDH buildings for fourth of assessed value

Allen WorrellEditor

December 5, 2012

The Carroll County Industrial Development Authority is “moving forward,” according to Chairman Richard Slate, with the purchase of two vacant Kentucky Derby Hosiery buildings in the Carroll County Industrial Park. The $1.2 million purchase was approved unanimously at the IDA meeting on Dec. 3.

According to Slate, the IDA has missed out on multiple opportunities associated with job creation due to the fact that the IDA did not own the two buildings.

“This will help us to be able to negotiate with companies who may wish to land in Carroll,” he said. “To be able to purchase assets like these two buildings at such a good deal is amazing.”

The asking price for the two buildings was $2,635,872, and the assessed value is currently $4,472,700. Approximately a year ago, the IDA made an offer of $1.6 million.

“They would never solidify the deal. We told them it was a good deal, but they rejected it. It’s not like you’re in a market that is going up,” said Carroll County Administrator Gary Larrowe.

The buildings were the last two Canadian-based Kentucky Derby Hosiery owned in the United States. When the company expressed an interest in getting rid of the buildings, Larrowe said the IDA was able to “negotiate the price down.”

“The value of the buildings really hasn’t dropped. They are as valuable is as much as it ever was. It’s an incredible deal,” said Larrowe.

“It was really good that we had 100 percent support from the Carroll County Board of Supervisors to make this opportunity happen. I would like to thank all of the folks who have been involved to make this happen. We will not miss another opportunity,” said Slate.

As far as a tenant for the two buildings – one that has 138,144 square feet of space and the other that has 56,000 square feet, Larrowe said the county is always looking.

“We’re constantly talking to people. It just takes someone who wants to sign on the dotted line,” he said.