For Sale Again?

In 2006, the Loudon County school board was involved in one of the most spectacular land deals, maybe in county history. That's when they paid 2.2 million dollars for a parcel of very questionable of property along Hwy. 321 that was supposed to be for a future school site. The saga of this deal has been well documented and shown to have been an absolute boondoggle for tax payers who not only paid four times the appraised value of the property but unnecessarily paid an extra $900,000.00 for the property. 

If you aren't familiar with the story or you might want to refresh your memory, click the link below.

Something Stinks  

The property deal has been debated for years. At one point in 2008, the school board asked attorney general, Russ Johnson, to investigate the deal to see if it was just horrible decision making on behalf of the school board or if there had been any nefarious actions by any of those involved in convincing the board to make the buy. Johnson refused to investigate and even stated that it was a great deal for the board.

In 2009, board members again took up the discussion of the now infamous land. Ultimately, the board voted not to put the land up for sale. But that question may be coming back up soon.

The board is now considering again what to do with the property, hold on to it, sale it or maybe hope to trade it for a more suitable piece of property in the future.

Back in 2010, the 22 acres adjoining the school property that was originally part of the same property was sold. Based on what that property sold for, it appears the board would have to take a considerable loss if they tried to sale the property now. Time will tell.

One curious note to go along with this story. In 2006, during the height of the land boom, the county appraisal for the entire 103 acre tract was $584,700.00. Now the eighty acres owned by the board has a county appraisal of  $4,001,500.00.

In comparison, a 71 acre track beside BOE property has a county appraisal $829,900, a 52 acre track half mile from BOE property has a county appraisal $751,700 and another 71 acre track two parcels away from BOE property has a county appraisal $756,800.

I have no idea why the BOE property is appraised so high but maybe that might help the sale.

Hopefully, the board will be able to do something with the property that will benefit the current building program and the tax payers.