The tract has potential for a multifamily development up to 250+...

The tract has potential for a multifamily development up to 250+ units, with optional commercial on the Hwy frontage. This property is eligible for a Community Development Financial Institutions (CDFI) loan for acquisition and development of housing. Eighty percent funding, rates at 300 basis points below WSJ prime (currently 1%) and no requirement for subsidized tenants make this an extremely attractive financing option. Contact listing agents for more details. Multifamily use would require rezoning. - City water is on the property (8'' main), Electricity is across the highway. - Sewer is approx. 4,300' north of Subject and could be connected if subject is annexed into the city. A contract contingent on annexation and sewer will be seriously considered by the seller. The location is convenient to employment opportunities in Jefferson City, the Sevierville/Pigeon Forge, Gatlinburg markets and Greater Knoxville. - Both the city and interstate are only 4 minutes away.

Property is almost twenty-seven acres on Tennessee 92, a divided four-lane highway, midway between Interstate 40 Exit 417 and Jefferson City, home of Carson Newman University. - Located adjacent to Holy Trinity Catholic Church and just north of Patriot Hills Golf Club and the higher-end subdivision development around it. Almost the entire parcel is heavily wooded, and elevation rises from the front to the rear providing excellent visibility from the highway. Owner has had some trails cut and clearings made for walking the tract.

The offered tract consists of two adjoining parcels and has 249 feet of highway frontage.
Property is in unincorporated Jefferson County. - Jefferson City has indicated an interest in annexing the property which would allow a sewer connection at developer's expense. - Seller is open to a contract subject to the required rezoning.

Current county zoning: - Front 100' is zoned C-1, rear acreage is zoned A-1. - Any rezoning must be submitted to the City of Jefferson City Planning Commission, as it is within their planning district. As currently zoned, rear acreage can be used for estate-sized, single family homes.

Electric
Supplier Appalachian Electric Cooperative
3-Phase Yes
Location Across TN-92

Natural Gas: -
Supplier Jefferson County Gas
Location Reported to be extended to property by Feb./Mar. 2021

Water:
Supplier Shady Grove Utility District -
Location 8* main is on the Subject in the ROW

Sewer
Supplier City of Jefferson City
Location ~4,300' north of Subject
NOTE Can only be connected if subject is annexed into the city

CDFI/CITC Low Interest Loan Program - This property appears to be in a census tract which is qualified for the *CDFI/CITC Low Interest Loan Program*. - This is a State Economic Development (ED) program for on residential rental property located in qualified census tracts. - The borrower can get an extraordinarily low interest rate (Prime minus 3%, 1% floor) for a 10-year term and 20- 25-year amortization.

Borrower doesNOT have to live in TN. Can be used for new construction multifamily and senior living. - New construction would need to start immediately after loan closing. Loan can be structured the CITC loan to include the needed construction period as interest only (12-18 months) before converting to P&I.