Anything "hinkey" Here?

On December 16th, 2009 our district purchased 16.9 acres of land from Fourth Quarter Properties (the developer and founder of WVID) for $556,400. It looks like this was a multiple parcel transaction as shown in the recorded warranty deed (http://www.clerk.co.sarasota.fl.us/oprapp/cache/2009155882.pdf). The Property Appraiser reflects the entire transaction in three (3) county property records (0785-00-1100, 0783-00-1100, and 0783-00-1200). Total acreage transferred was 16.9 acres and the Property Appraiser's "just market value" for these 3 combined parcels is $152,700. The district paid more than 3.5 times market value for this land.  Why?




This land was needed as right-of-way for a portion of the West Villages Parkway, and the "hospital extension" thereto. I believe that district funds are being used to construct the roads, drainage, street lighting, and landscaping on and around this property. If we (our district) are paying for all the improvements.... why are we also paying such a premium for the purchase of this raw land?  This is just one of three planned land purchases by the district from Fourth Quarter Properties in 2009 that had, I believe, a total purchase cost of approximately $13 million.


My real property in IslandWalk is not worth over 7 times what I bought it for.  It is also not worth more than 3.5 times the Property Appraiser established "just market value".  Just what was so special about this parcel of land to justify such largess?


I've sent an email to the Special District Services, Inc. General Manager for WVID asking just this question.  I also asked if an appraisal or opinion of value was obtained from a third party and if so, from whom and what value was given to the land.  I'm very interested in receiving his reply.