City reclaims property after diesel proposal fails - WAFF-TV: News, Weather and Sports for Huntsville, AL

City reclaims property after diesel proposal fails

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MORRISTOWN, Tenn. (AP) - An eastern Tennessee city has reclaimed ownership of an improved 115-acre plot of land after Freedom Energy Diesel failed to secure financing for a project at the site.

The Citizen Tribune reported (http://bit.ly/1nega6D ) Freedom Energy Diesel officials couldn't get the $750 million needed by the June 30 deadline for the Morristown land. City Administrator Tony Cox says the company could by the land back if it secures financing in the future.

In the meantime, the property reverts to the management of the City of Morristown's Industrial Development Board.

The Morristown Area Chamber of Commerce's Industrial Committee can now begin to market the property.

Information from: Citizen Tribune, http://www.citizentribune.com

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