The Shelbyville Municipal Airport Authority met at a regular meeting Thursday to discuss specifics of the Middle Tennessee State University contract and lease.

Though not a “done deal” until it goes through a vote with the Shelbyville City Council, the contract essentially agrees to let MTSU buy 10 acres and lease another six to expand their Aerospace campus.

Member Gary Fayard said, “I think we should just cut to the chase and get this thing done and stop being greedy. The city is going to recoup a tremendous amount from this.”

Essentially, the university would buy the 10 acres for about $1.1 million and then lease the other six acres for over $300,000 a year. They would receive credit for this rental payment.

This is because MTSU does not know the entirety of how much land they will need until they design the layout, especially since some of the acreage will be non-aeronautical and some will be aeronautical, according to City Attorney Ginger Shofner.

Shofner explained that the 10 acres along the front of the property (facing the highway) would most likely be non-aeronautical.

The board admitted these are “prime pieces” of real estate on U.S. 231. Originally the lease called for giving MTSU an L-shaped lot of about four acres, but this was cut at the last meeting.

“231 property is just outrageous. That’s the reason they want it to be there…That’s the idea — it’s front and center,” said airport director Paul Perry.

There’s was also a lot of discussion about how much the property is really worth for the rental portion.

Member Kelly Wilson said, “If they [MTSU] delay purchase and they start putting great improvements out there, you would bankrupt the city if they walk and we have to buy. So, we want to hurry up and go get to that market value and buy it. So, why don’t we flood the rental amount, whatever it is you get credit for?”

MTSU president Sidney McPhee, who was present at the meeting, reminded attendees that the university is a state agency and will, therefore, have to take whatever is recommended to the State Building Commission, who has certain rates based on the value and assessment of the property.

“The state is investing; MTSU is investing. What is Shelbyville and Bedford County investing?...I believe with a partnership, it’s a win-win for both. So, I would just caution the authority to be aware that it’s a state decision,” said McPhee.

MTSU is bringing some $65 million worth of construction, according to Fayard. He also said there are grant opportunities that the airport can receive, such as a $9 million one for “airport improvement,” if MTSU comes along.

“We can sit and nitpick and try to get every penny out of MTSU, but remember MTSU is just state of Tennessee money. So who’s pocket are we taking it out of? Shelbyville citizens, granted, and the State of Tennessee,” said Fayard. “I just think, personally, that we need to really help them and get this thing done…”

City Councilman Bobby Turnbow agreed with Fayard. “I agree with you 100%,” said Turnbow. “People do not realize the economic impact this is going to have. It’s huge.”