This tract of land that NHC is proposing to buy is actually listed as a 138 acre tract purchased by Legacy Group of NC back in June 2004 for $4.5 million. Legacy Group's president is Robin Grathwol. If the name is familiar she is the president of the R3 group that proposed to take over and modernize our solid waste facilities. That debacle should be fresh in our minds still.
There remains a couple of questions. If the county is buying 85 acres what consideration for development is being given to the owner of the 53 acre balance of that tract? Not to slight Mr. Swain, but why is his development company buying land from the former R3 president to sell back to the county? If the purchase price back at the peak of real estate inflation was $4.5 million for 138 acres why is $3.8 million for 85 acres such a deal now? That's paying 84% of it's 2004 sale price for only 60% of the land. That would make it the only piece of property in NHC that has appreciated since the real estate market collapsed.
In fairness to the Swain's they should be thanked for their generosity to UNCW and it appears theirs is a political house divided with Mr. Swain giving to McIntyre, Hagan, the Democrat Party Victory Fund, et al and Mrs Swain to Pantano.
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