"...The price for the 85-acre parcel is $3.8 million and would be funded by moneys set aside for green space purchases, as mandated by the 2006 green space bond referendum passed by city and county residents..."
Once the funds are spent, the taxpayers begin making payments on the bonds which will be issued to fund the purchase.
On another note, the proposed seller, Swain & Associates, does not yet own the property. They have it under contract to purchase from The Legacy Group of North Carolina. The Legacy Group is headed by Robin Grathwol. Their address is listed as 2905 Market Street; yet the North Carolina Secretary of State's website notes recent mailing were returned.
An inquiring mind might ask the following:
What is the purchase price which Swain & Associates propose to pay The Legacy Group for the property? Remember, the difference bewteen the Legacy Group sales price and the Swain & Associates proposed sale price to the county of $3.8 million will represent profit to Swain.
How long will Swain & Associates actually own the property before it is sold and the transaction with the County closes?
Well Scott, here's another topic for investigative reporting.
Does the sales price to the County actually represent an "excellent value" as noted by Parks & Recreation Manager Jim McDaniel? OR, does it represent an excellent profit and rate of return for Swain & Associates?
For those who have not caught on, this appears to be a real estate flip. I am all for real estate flipping. I profit every year from real estate flipping.
Let's just be certain the transactions are in the best interests of the County and it taxpayers.
Let's also consider, it appears 2 real estate commissions will be paid. As another reader posted, are the Realtors involved associated with any of the County Commissioners?
Scott -- send your investigative reporter out to dig a little and have something more pertinent for your viewers to ponder.
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