By Memphis Business Journal

The Memphis-Shelby County Port Commission had a full plate Jan. 20, from authorizing revenue bonds to setting land prices for a potential new business at Frank C. Pidgeon Industrial Park.

The commission set a price of $12,500 an acre for a company considering operations at the park.

Dubbed ⿿Project: Chrysalis⿝ by site consultants, the company is looking to purchase 50 acres and is considering three sites at Frank C. Pidgeon Industrial Park, among other markets.

Executive director Randy Richardson said he initially threw out the price of $35,000 an acre to the site consultants, but was told that would kill the deal.

Richardson didnâ¿¿t have a lot of information on the project, just that it was capital intensive and a heavy electric user. He also said they would be back to assess sites later this month.

The commission also authorized a committee to negotiate with Tennessee Valley Authority on land for a new gas turbine facility at Frank C. Pidgeon Industrial Park.

TVA is considering this as one option among three to curb pollution.

The organization is considering acreage at the entrance of the park. TVA had land appraised for $34,000 an acre, but the commission thinks itâ¿¿s closer to $75,000 an acre.

A committee of board members Trip Folk, Billy Orgel and Johnny Moore will negotiate with TVA on the price, if the organization chooses to go that way.

The port commission also passed a resolution which authorizes the issuance of up to $44 million of revenue bonds which the city and county can use for the Electrolux project.

The Swedish company plans to use 800 acres at Frank C. Pidgeon Industrial Park for a manufacturing plant and to accommodate supplementary companies.

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