Lets take a look at a 63 acre parcel of Fourth Quarter Properties WVID land on River Rd. about 1 mile south of U.S. 41 (Parcel ID 0797-00-1100). This has been designated as a future public park area, and the property was donated to the City of North Port by the WVID on March 24, 2009. Now, this sounds like a very good, civic minded, community development gesture; but, how did WVID get the land in the first place?
Of course, they bought it (using district bond money) from Fourth Quarter on 2/20/09 for a purchase price of $3,465,000. The recorded warranty deed (http://www.clerk.co.sarasota.fl.us/oprapp/cache/2009021691.pdf) shows the sale price as "$10 and other good and valuable consideration". However, the county parcel information report shows the sale price as $3,465,000, and it also shows a "just market value" for this land as $262,800.. Did our district overpay again, this time by $3 million, for a land acquisition from Fourth Quarter?
Again, I have to ask the questions. Why so much? Was there a third party appraisal or opinion of value solicited by the WVID? If so, from whom, and what value was placed on this land?
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I've formally requested an agenda item for the 9/28/2010 WVID district meeting to discuss and answer my questions about the three "hinkey" land deals being discussed on this blog. Click this link to read the email: www.home.comcast.net/~paul9aber/land-deal-questions.pdf
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