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By Tennessee Farms, LLC
(225) 278-8934

November 6, 2019
The Preserve at Keel Spring
Description and Frequently Asked Questions

The Preserve at Keel Spring will be planned to serve the primary and secondary home markets of Clarksville, Fort Campbell and Nashville. Clarksville is an easy commute to work. Military personnel and their families from Fort Campbell are just as close. Nashville is exploding with development and almost all of the equine subdivisions are pricing the middle class community out of the market. Equine subdivisions appeal to a broad section of those wanting homes in a wooded spacious development close to trail amenities and other local features. Retirees and their families will find the location desirable with the proximity of Kentucky and Barkley Lakes, The Land Between the Lakes, and the charm of Dover.

The market focus is to draw residents in established suburban subdivisions served by improved roads and local utility services. Hence, the desire for County asphalt roads, underground electric, with water and wastewater utilities. There are other factors that are described below.

317 residential lots, mostly 5 acres in size, some up to 15 acres in size, will be accessed by public County asphalt roads in a rolling wooded tract of over 3,200 acres. Electric will be underground with fiber for Internet, telephone, and video streaming in the same trench. There are negotiations ongoing for Dover to run a large water line into the property with an elevated storage tank. A grinder pump at every house will pump domestic wastewater to a small wastewater treatment plant near the Town Center. The Developer is proposing that Dover own, operate and maintain both the water system and the wastewater system on the property. The Town Square will have 20 lots for light commercial…a pool with a small clubhouse, restaurant and lounge, tack and saddlery store, small convenience store (no alcohol sales), church and other tenants. The Square will be a 250 foot square green space. Lots will be competitively priced at $60,000 to $100,000 for a typical 5 acre residential lot.

Initial equine facilities will have over 45 miles of trails, 175 acres of equine trail amenities, 24 stall stable for boarding, turn out paddocks, 90 acres of pastures, and one riding/competition outdoor arena. Future facilities will include 24 more stalls, another outdoor arena and, at the end, an indoor arena.

The Preserve is proactively working with the County to donate the 41 acre Keel Spring Park to the County so it can be refreshed with updated trails, foot bridges and trail head. The Park will be preserved.

The Preserve is proactively working with the County to donate 33 acres of property to the County so to build a multi-purpose community center and rodeo facility for Western and English events and competitions including a covered arena, bleachers, and stock and horse pens with turn out pastures.

Lastly, The Preserve will work with the County to improve fire protection capabilities while lowering the cost of property insurance for damage from fires. The Preserve will donate one acre on Long Creek Road for the County to build a volunteer fire station. That station, when built, will reduce the fire insurant rating from a 10 to a 5, significantly lowering that insurance premium related to fire protection.

Frequently Asked Questions

1. What is the market for this type of real estate product? The Developer has commissioned a market study for the development from RCLCO, a respected and national real estate marketing consulting firm. The study will be finished in early November

2. Will the subdivision be phased? The market for that many lots will take several years to absorb. At this time it is anticipated that there will 6 distinct phases that will take 5 to 10 years to build out and sell all of the merchantable properties.

3. Why is the County being asked to help? Large subdivisions in other areas of the country (see https://en.wikipedia.org/wiki/Community_development_district) are using a “community development district” to assist in funding the infrastructure within the development. The proposal to fund the construction of the roads, drainage, water, and wastewater facility improvements is accomplished by the County creating the special District and the District issuing debt instruments to fund the construction of the improvements. Because the debt is secured by the placing of liens on the merchantable property (lots), there is no liability to the County at all. Public infrastructure investment will total approximately $20,000,000 and the non-public investment (stable, underground electric, pool, trails, and other amenities) will total over $5,000,000.

4. What else is being asked of Stewart County and the Town of Dover? Stewart County will be asked to commit to bring to reality the refreshing of the Keel Spring Park within a year of accepting the donation. Stewart County will be asked to commit the 35 acres in the northern part of the development to the design and construction of a multi-purpose community center and rodeo facility (see below for the features) within 3 years of accepting the donation. Stewart County will be asked to construct a fire station on Long Creek Road within a year of accepting the donation of the fire station site. Dover will be asked to accept the donation of all of the water system improvements, both off site and on site, as well as all of the wastewater collection and treatment facilities. Dover will then be able to bill and collect for both water and wastewater billing fees.

5. Why will Dover build the line to serve the subdivision when nearby residents don’t get water service from Dover? The Developer has asked that the line size be 12 inches in diameter. A line that size will provide sufficient quantities with sufficient pressures to the subdivision, and coupled with the addition of an elevated storage tank in the subdivision, Dover could elect to run extensions from the line to other residents near Leatherwood Road.

6. What does Stewart County get for its investment in the Keel Spring Park, the multipurpose community center site and the fire station site? Stewart County will receive the Keel Spring Park to offer its enjoyment to its residents and visitors for years to come. The acreage contributed to the development of a multi-purpose community center and rodeo facility will provide a regional attraction – see 10. below. The creation of a fire station helps improve the safety of the community at large. These donations will form the needed local match to secure grant funding to restore the Keel Spring Park and its trails to be the attraction that it once was.

7. Why use Dover infrastructure? It will be much more feasible, pleasant and cleaner to have a community water system supplied by Dover’s water system rather than the use of residential water wells with septic tanks and disposal fields. Dover reportedly has the existing water treatment capacity to supply the subdivision. And donating the facilities to Dover actually is in Dover’s best interest for the future for serving other neighborhoods in the areas around The Preserve. Regionalization of the wastewater system is a major requirement of the EPA guidelines when planning community wastewater systems. This situation is no different. One community wastewater treatment plant does a far better job of protecting the ground water under Stewart County than 350 septic tanks and disposal fields.
8. Why have a boarding facility? Like a golf course development has a golf course, most equine subdivisions have a boarding facility. The stable and equine facilities will offer boarding, lessons, round pens, and competitions at a professional grade outdoor ring. And this facility will not be for race horses.

9. Why not have affordable housing? There does not appear to be a need for affordable housing. It’s not something being considered, but if there is a verifiable demand, that could be addressed in the future.

10. Why not cover the existing ring on Sandy Road? The Sandy Road Riding Facility is riding only. It can accommodate lessons, horse competitions and barrel racing. But it is not the full service, all season multi-purpose community center and rodeo facility designed to host a wide range of events with a special emphasis on horse shows, livestock shows, rodeos, concerts, fairs, festivals, trade shows, motorcycle events, RV rallies, extreme sports, company parties and a host of social activities. The facility can enhance tourism and promoting Stewart County as the premiere county to visit with a special emphasis on the youth of Stewart County and surrounding counties. Adding a community center does not hurt the utility and use of the Sandy Road facility.

Please join me for a Town Hall presentation of the project to the Stewart County and Dover community at the Stewart County Visitors Center on Donelson Parkway, Hwy 79 on Monday, November 18 from 6 to 8 PM. I will walk the group through my vision and answer any questions.

Please email or call me at your convenience. I look forward to personally greeting you in Dover on November 18th.

Wilfred Barry
The Preserve at Keel Spring
wb@tpaks.com
(225) 278-8934