Barren County Economic Authority's Lot 7 off of New Bowling Green Road. Michael Crimmins/Glasgow News 1
By MICHAEL CRIMMINS
Glasgow News 1
Bluegrass Ingredients may soon add Lot 7 in the South Cooper Industrial Park to its collection of Kentucky properties.
Bluegrass Ingredients entered into an Option Agreement with the Barren County Economic Authority on Jan. 28, according to a memorandum filed in the Barren County Clerk’s Office. The agreement gives Bluegrass Ingredients “the exclusive and irrevocable option to purchase” lot 7, and the 100,000 sq. ft. speculative building, in the South Cooper Industrial Park off New Bowling Green Road.
Bluegrass Ingredients could opt to not purchase the property and building, Barren County Economic Authority Board Attorney Rich Alexander said. The option agreement is for 45 days, which can be extended up to three more 45-day periods provided the company provides notice in writing to the economic authority.
“[Bluegrass Ingredients] have not decided whether or not they are going to purchase [the property] but they have a period of 45 days in which to decide to exercise the purchase or not,” Alexander said. “That’s what an Option Agreement is, it’s a holding of property for a definite period of time in order to give them the opportunity to do due diligence.”
Once the purchase is decided on, the agreement states, Bluegrass Ingredients shall have 60 days to close on the property. The price was not disclosed in the memorandum, but is listed in the agreement that will be available in the coming days.
“The option agreement [does] have the price, but for confidentiality purpose the memorandum of option agreement that was recorded at the county clerk’s office does not,” Alexander said. “All that [memorandum] does is let people know that Bluegrass Ingredients has a contingent interest in that property. In other words, if another entity wanted to buy that property, they would do what’s called a title examination to see if there’s [anything] on that property before they decided to purchase it, so they would find this [Memorandum of] Option Agreement and they would know that they could not buy it while that Option Agreement is in place.”
On Jan. 21, Barren County Economic Authority Board of Directors authorized President and CEO Maureen Carpenter “to sign” the necessary paperwork for the sale of Lot 7. The approved minutes from the Jan. 21 meeting states the sale was unanimously approved.
Bluegrass Ingredients, known prior to 2020 as Bluegrass Dairy, was founded in 1995 when Billy Joe Williams and his wife Debbie purchased a dairy factory in Glasgow and began “experimenting and innovating with new powder formulations through its spray drying processes.” The current Glasgow facility is located at 1117 Cleveland Avenue.
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