County Commissioner Richard Casavant said Thursday that he and Signal Mountain businessman Tom Poteet have reached a compromise on the old Signal Mountain Middle School property.
Commissioner Casavant said a lawsuit brought by Mr. Poteet's M&T On Signal against the county will be dropped.
He said restrictions on the use of the old school property will be included in the deed from the county and the county schools for five years, then will be dropped. The deed restrictions also would be invalid should Mr. Poteet die before the five years is up.
Mr. Poteet, who had the only bid for the school property, had objected to the restrictions being included in the deed. He filed suit last September. The bid was $800,000 for the 16-acre property and the county schools were to receive two lots worth $100,000 owned by Mr. Poteet next to Soddy Daisy High School.
In the compromise, each side is to pay its own attorney fees.
Commissioner Casavant had contended that the offer was too low.
A number of mountain residents had spoken in behalf of Mr. Poteet, saying he planned to make the property available to the community, including fixing up the old school as an exercise area with a walking track and indoor pool.
Commissioner Casavant said he feels Mr. Poteet "is a very sincere person," but he said he did not know how he was going to make a profit on the school venture. "I assume he has deep pockets," he said.
School officials said the school property has been vandalized several times while standing vacant.