Oak Ridge North City Council approved purchasing a property at 27045 Hanna Road during a special meeting with the Economic Development Corporation on Nov. 6.

What you need to know

During a special joint meeting, the city and EDC made an agreement to purchase the industrial property at 27045 Hanna Road.

The agreement allows the city to enter into a leaseback agreement with Lone Star Services for the property for $3,750 a month for one year, or until the business relocates to another location. The city will then fully acquire the property for future use.

Quote of note

“The leaseback is for 12 months, but they have agreed that after nine months if we want to terminate we can give 30 days notice," City Manager Heather Neeley said. "So that was kind of the agreement that we kind of met in the middle at.”

What’s next

The city has not outlined an official use for the property once it is acquired but will discuss it at a future meeting, officials said.