In a press conference held Monday, government officials and business executives announced that Tennessee Valley Authority (TVA) and Nuclear Development LLC have cleared most of the hurdles in the $111 million deal that began two years ago.

If you recall back in 2015, TVA determined that it would be unlikely for them to need a large plant like Bellefonte for the next 20 years.  And In 2016, TVA declared the plant a surplus and decided to auction the 1,600 acre site for a minimum price of $36.4 million.

The goal is for the sale to be finalized in November and Nuclear Development LLC plans to complete the two, nearly 40-year-old, unfinished nuclear reactors with SNC -Lavalin who was selected to manage completion of the project.

“Since purchasing Bellefonte Nuclear Plant two years ago, Nuclear Development LLC has made significant progress. They’ve assembled an investment team, developed a business plan and obtained all of the nuclear production tax credits necessary,” said Jackson County’s Development Authority’s Director Sheila Shepherd at Monday’s press conference.

The Jackson County Development Authority said completion of the plant would have an economic output of more than $12 billion and create more than 8,000 jobs.