Hamilton CountyWednesday, November 4
Walden voters turn down borrowing to buy the Totten property for $2.1 million
The 5AM East Ridge team
Walden residents voted against taking on up to $1.4 million in debt to buy the property across from Town Hall, even though the Board of Aldermen had voted 2-1 to go ahead. The Chattanoogan.com tally was 533 against and 499 for.
Walden voters turned down the land purchase, 533 to 499
Source: Chattanoogan.com Breaking News
View as table
| Value | |
|---|---|
| Against | 533 |
| For | 499 |
Vice Mayor Lizzy Schmidt said two unnamed private foundations committed $200,000 upfront and $150,000 a year for five years, and the town would add $500,000 from reserves. Mayor Lee Davis, who opposed the purchase, pointed to the hit on reserves, the three-member staff's capacity to manage the land and the lack of a long-term vision for it.
Walden's land purchase by the numbers
- $2.1 million
- price of the property
- $1.4 million
- in debt the town would have taken on, at most
- $500,000
- the town would pay from reserves
- $1.7 million
- in donor money over 10 years, if gifts continue
Source: Chattanooga Times Free Press
- Eligible voters: 1,457 live inside Walden town limits
- Owners say the appraisal assumes A-1 zoning, which bars development
Supporters said the land would add greenspace and keep an unfavorable development out. Three former mayors urged a no vote, citing debt.