Chattanooga

Walden Voters Decide Nov. 3 on Up to $1.4 Million in Debt for the 42-Acre Totten Tract

Walden’s Nov. 3 ballot asks whether the town should borrow up to $1.4 million to buy the 42-acre Totten Tract across from Town Hall. The vice mayor says private pledges have grown to $1.7 million. The mayor says the $2.1 million price is $250,000 above the appraisal and would take about $500,000 fro

Tracy King

08 Oct 2026 • 6 min read

Walden voters decide Nov. 3, 2026 whether the town may borrow up to $1.4 million toward the 42-acre Totten Tract. Illustrative photo.

Voters in the Town of Walden will decide on Nov. 3, 2026 whether their town should borrow money to buy a 42-acre tract of land. The Hamilton County sample ballot asks whether the town shall “issue indebtedness up to a maximum amount of $1,400,000 for the purpose of financing the acquisition of land known as the” Totten Tract. Voters mark For or Against.

The question is on the ballot because residents asked for it. The Chattanooga Times Free Press reported in May that a petition signed by more than 200 Walden residents, opposing town financing of the 42-acre property across from Walden Town Hall, required a referendum.

The numbers, as the town’s leaders describe them

On Oct. 5, Chattanoogan.com published statements from Vice Mayor Lizzy Schmidt and Mayor Lee Davis. They agree on the basic deal: the town is considering buying the Totten property for $2.1 million. They differ on what the money means.

The vice mayor: pledges are larger than first reported

Schmidt said two private foundations pledged support about five months ago. Those pledges were first reported as $1.2 million over 10 years. After clarification, she said, they total $500,000 more, or $1.7 million, if the town has not paid off the loan or sold the property. She gave this breakdown:

Each foundation pledged $100,000 toward the down payment if the town buys the property.
One foundation pledged $100,000 a year for five years, and will keep giving for five more years if the town has not paid off the loan or sold the land.
The second foundation pledged $50,000 a year for five years, with the same five-year extension.

She added that two residents each committed $50,000 of their own money, and that one of them will pay the full amount early, to one of the foundations. Both foundations, she said, would consider matching more private gifts from residents. Those matches would come on top of the $1.7 million. Schmidt called the support a chance to take advantage of “a once-in-a-lifetime opportunity.”

By our arithmetic, the pieces fit the total: $200,000 at purchase plus $150,000 a year for 10 years comes to $1.7 million. Half of the yearly money depends on the extension conditions.

The mayor: an above-appraisal price and a draw on reserves

Davis said he appreciates the generosity but that the update does not change his position. His main points:

The property was independently appraised at $1.85 million, so the $2.1 million price is $250,000 above the appraisal.
The town would not receive $1.7 million at closing. The foundations committed $200,000 up front, and the rest may come through yearly gifts over several years, some of which depend on the town keeping the loan and the land.
The town would take about $500,000 from its existing reserves for the initial payment while also authorizing up to $1.4 million in new debt.

He also questioned the town’s role. Walden, he said, would become the owner and long-term manager of another 42 acres, and he does not believe the town’s goal should be to become the largest property manager in Walden. He said the decision belongs to residents, and that if voters choose to buy the land he will respect that and work to make it successful.

Davis also noted that residents have taken on the cost of garbage collection, now pay stormwater fees, and have seen tax bill changes after the countywide reappraisal. He framed the choice as preserving the land with reserves and debt, or keeping the reserves and continuing to operate without taking on debt for the first time as a town.

Item	Figure	Who says so
Property	Totten Tract, 42 acres across from Walden Town Hall	Chattanoogan.com; Times Free Press
Purchase price	$2.1 million	Vice Mayor Schmidt; Mayor Davis
Independent appraisal	$1.85 million ($250,000 below price)	Mayor Davis
Maximum new debt on ballot	$1,400,000	Hamilton County sample ballot
Foundation pledges	$1.7 million total (earlier reported as $1.2 million)	Vice Mayor Schmidt
Foundation money at purchase	$200,000 ($100,000 each)	Schmidt; Davis
Yearly foundation gifts	$100,000 and $50,000 a year for 5 years, plus 5 more if conditions are met	Vice Mayor Schmidt
Resident commitments	Two residents, $50,000 each	Vice Mayor Schmidt
Town reserves used	About $500,000	Mayor Davis
Petition	More than 200 residents	Times Free Press

What it means for Walden and Signal Mountain homeowners

Open land next to a town hall is part of what buyers on the mountain pay for. Neither side disputes that the Totten property matters. Davis called preserving open space a laudable goal and the Totten property an important piece of land. The question for voters is cost and risk.

For homeowners, the vote touches two things a buyer will ask about later:

The town’s balance sheet. A town that borrows for land carries a payment. A town that keeps its reserves has more room for paving and emergencies. Either way, buyers ask about local taxes and fees.
What happens to the land. If the town buys it, the tract stays under town control. If voters say no, the property’s future is up to its owner and the market.

One number voters may still want is the yearly loan payment. The Oct. 5 statements list the debt cap, the price, the appraisal and the reserve draw, but they do not give an interest rate or a payment schedule. Davis said residents should get the complete picture, including the proposed debt and financing costs and the ongoing expenses of owning the property, before they decide.

If you are thinking about selling on Signal Mountain or Walden Ridge, a ballot result will not set your price. Recent sales will. Start with a free home valuation to see where your home stands, or request a cash offer for a firm number. Nearby land-use votes, like Hamilton Planners Set Oct. 12 on 118-Home Dallas Lake Road PUD, show how much is in front of Hamilton County boards this fall.

Hamilton County dates to watch

Oct. 5, 2026 — Voter registration deadline (passed).
Oct. 14–29, 2026 — Early voting period in Hamilton County.
Oct. 24, 2026 — Last day to request an absentee ballot.
Nov. 3, 2026 — Election Day. Walden voters see the Totten Tract bond question and one alderman seat.

What is the Walden Totten Tract referendum?

It is a general obligation bond question on the Nov. 3, 2026 ballot asking whether the Town of Walden may issue debt of up to $1,400,000 to finance buying land known as the Totten Tract. Voters choose For or Against.

How much would Walden pay for the Totten property?

Town leaders describe a $2.1 million purchase price for the 42-acre property. Mayor Lee Davis says it was independently appraised at $1.85 million, or $250,000 below the price.

How much have foundations pledged toward the Totten Tract?

Vice Mayor Lizzy Schmidt says two foundations’ pledges total $1.7 million: $100,000 each toward the down payment, plus $100,000 and $50,000 a year for five years, each continuing five more years if the town has not paid off the loan or sold the property.

Why is the Totten Tract purchase on the ballot?

The Chattanooga Times Free Press reported that a petition signed by more than 200 Walden residents opposing town financing of the purchase required the question to go to voters as a referendum.

When is early voting in Hamilton County for Nov. 3, 2026?

The Hamilton County Election Commission lists early voting from Wednesday, Oct. 14 through Thursday, Oct. 29, 2026. The last day to request an absentee ballot is Saturday, Oct. 24.