HANCEVILLE — The city of Hanceville discussed a potential investment in a new business, which, according to the city’s planning commission president, Nolan Bradford, has been looking to relocate to the city for around two years.

Bradford addressed the council during its bimonthly meeting on Thursday, May 8, about the possibility of constructing a standalone building to house the company. Bradford chose not to name the business publicly, but said council members were aware of the details of his discussions with its ownership.

He said preliminary estimates for purchasing the property — the location of which was undisclosed — and construct the near-10,000 square foot building were roughly $487,000. He added that the city would be able to obtain a loan at a subprime interest rate. According to Bradford, the potential tenants were currently bringing in between $750,000 and $800,000 annually and had expressed to him that they would be comfortable compensating the town around $4,000 each month for the building.

Councilmember John Stam recommended that the company provide at least two years of financial statements to ensure a steady revenue stream before the council took any action on the request. Other questions were also raised about the company’s supply chains.

For these reasons, the council tabled the matter until more information could be obtained.

In other business the council:

— Tabled further action on a proposal to install a new sound system in the council chambers until more estimates could be obtained.

— Approved its annual Rebuild Alabama Act Transportation Plan.

— Entered into executive session for roughly 45 minutes to discuss the good name and character of a public employee.

Patrick Camp may be reached by email at patrick.camp@cullmantimes.com or by phone at 256-734-2131 ext. 238.