6/23/2006

Chattanooga, TN – After more than a year of negotiations, Mayor Ron Littlefield and land developer Bill Young put the controversial Coolidge Park Hotel development to rest.  Friday afternoon, Bill Young will sign his name on an agreement giving the old floor coverings building, and the land it sits on, to the City of Chattanooga in exchange for prime property sandwiched between Renaissance Park and Cherokee Boulevard.  Mayor Littlefield signed the document on Thursday, June 22.

“The swap of the Bill Young property resolves a sticky problem for the community and opens a new opportunity for development adjacent to Renaissance Park,” said Mayor Ron Littlefield.  “Now we will be able to enhance Coolidge Park and the surrounding neighborhoods with an outdoor center that will benefit our community, its visitors and outdoor enthusiasts of all ages,” he said.

Larry Zehnder, director of parks and recreation says the old floor coverings building will be renovated as soon as possible.  He says 600 thousand dollars has been allocated to the project.  Outdoor Chattanooga’s business offices will eventually move in, as will a “Chattanooga Store, selling Chattanooga Brand merchandise,” he said.

Mayor Littlefield says Bill Young as assured him development of the swapped land near Renaissance Park should begin quickly. “He has convinced me he is working with an architect right now and plans to proceed as quickly as economics will permit.  I’m convinced he is real and intends to do what he says.  We’re doing everything we can to move him in that direction. Cherokee Boulevard will enjoy a much needed economic boost with Bill Young’s new development,” said Mayor Ron Littlefield.

Note: Cherita Adams will be handling calls today at 425-7800.

For information about this release call Michelle Michaud at 290-7394.

###