Shelbyville City Council voted unanimously Thursday night to hold off on a purchase contract with the US Bank building on the public square.
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Shelbyville City Council voted unanimously Thursday night to hold off on a purchase contract with the US Bank building on the public square.
Last study session, Councilman Henry Feldhaus told Council how good of an opportunity this was for the City-location, location, location. But Thursday night, Feldhaus made a motion to cease on the proposed contract ($2.4 million or less.)
Feldhaus told the T-G: "The sticking point is the US Bank lease. We would like to know the willingness of US Bank to discuss the following options and their associated costs:
At this time we are unable to establish our true costs for the property and the associated renovations based on the US Bank scenarios."
Councilman Josh Blevins added to Feldhaus' motion for the City to take that offer of $2.4 million or less off the table as well.
Councilmembers do have a right to be concerned about this building, if nothing else, given all the stakeholders involved. Keith Weaver owns the building under an LLC. US Bank has a long-term lease on a portion of the building. FirstBank has it in foreclosure on a loan to Weaver.
It was stated at the last Council study session that the building will be in foreclosure on Sept. 11, due to the ongoing court lawsuit involving the Weavers and substantial debt.
For months, the Weavers' whiskey company has been under the control of a court-appointed receiver due to a judge’s decision to stabilize operations and enhance transparency.
According to federal records filed on July 10, the receiver fired whiskey mogul Fawn Weaver and her husband, Keith Weaver, a co-founder of Uncle Nearest. Their termination is said to have happened on June 1, according to the filing.
With Nashwood, Inc., Weaver had wanted back in 2023, to prioritize the redevelopment of their middle Tennessee portfolio, including the US Bank Building.
With hospitality visions for this community, Weaver had estimated a gain of $100 million through Nashwood, Inc., by 2028.
See the 9/17 T-G for more of the City Council meeting.
