BOE Off The Hook
|For years, the Loudon County School Board has held the title of the
biggest suckers in the county. But from now on, no one should ever again
criticize the hornswaggeled deal the Board made a few years back on the
useless Hwy. 321 property they bought for 2.2 million dollar. Lenoir
City officials have now topped that fiasco and now own the biggest
You saw where they just bought the thirty acres from developer Ed Loy DBA, Creekwood Park Partnership, for three million dollars, $100,000.00 per acre, plus, city officials threw in two blocks of down town in the deal. That's the same two blocks the city paid 2.2 million dollars for and the same two blocks LCUB paid the city $950,000.00 for.
Mr. Loy is the developer who built Creekwood Park after Lenior City spent four million dollars and the state spent two million dollars to build Mr. Loy a nice four lane highway through his development. Now the city/LCUB paid him another three million for his land and gave him the down town property.
You also saw that city/LCUB officials briefly discussed the idea of buying the Yale Property but not seriously. Essentially, they said the Yale building was too big. Really? Let's see, they're going to spend 20-25 million for the 30 acre Creekwood property and a 100,000 sq. ft. building. They could have bought the 17 acre, 222,000 sq. ft. Yale building for 3.4 million. I'm certainly no math genius but you don't have to be to see how stupid this deal was.
How or why on earth would grown, supposedly competent, people make such a foolish decision?
I guess the county school board feels a little like Jimmy Carter. Up until Obama came along Carter was considered the worst president in history. Up until LCUB/city officials came along, the school board was considered the biggest suckers in the county. Not any more.
If there's at least one good thing with all this, it's not the tax payers footing the bill this time, it's the LCUB rate payers. And according to LCUB general manager Shannon Littleton, at least 80% of them are in west Knoxville. I guess we should thank them for their contribution.
This whole thing is absolutely unbelievable.