The Coweta County Board of Commissioners decided to get into the industrial park business Tuesday by purchasing 940 acres in the Shenandoah Industrial Park for $13.5 million.

The county decided to purchase the property near Interstate 85 after receiving a positive feasibility study from the county's consulting firm, Robert and Company, and receiving a favorable appraisal on the property.

In announcing the purchase, Commission Chairman Lawrence Nelms said the purchase would allow the county to choose the type of industry that would be good for the county.

The purchase will be financed by industrial revenue bonds and the bonds will be paid back as tracts of land are sold to industrial prospects.

“This is going to be very beneficial to everybody in the county,” said Commissioner Vernon “Mutt” Hunter.

Commissioner Jim McGuffey also was pleased with the purchase and said this shows the county is being “proactive” in trying to bring in more industry to the county.

For $13.5 million, the county will receive 940 acres of property, including 90 acres of wetlands, all maps, engineering studies and future road and sewer plans for the property.

The property is currently owned by Shenandoah Development Group. If the county negotiates any contracts on the land before closing, the development group would net 15 percent of the gross price of the sale.

The county has set a Sept. 1 deadline for closing the purchase.

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