The PR rep for Hunter Craig and Forest Lodge LLC stated, “the investors will not come out whole and no one is getting a windfall,” after the announcement that the Commonwealth paid $9.8M for the property for which Forest Lodge LLC paid $46.2M in 2005, $36.4M or 78+% less.
However, the issue of tax credits, which may be sold, remains to be determined in the future. From the DP:
The story's not over:
1. The information about tax credits will not be available to the public.
2. The State, and the County, both of which are suffering from massive deficits, will now have to find $ in their respective budgets (and/or donors) for infrastructure improvements to get folks in and out of that park, among other expenses.
3. How does 2015 sound for a park opening? Conservative estimate, or not enough time?
Read more by Brian Wheeler of Charlottesville Tomorrow here.
Previous posts on Biscuit run here and here.
January 1 Update:
Courteney Stuart at The Hook reports that the loan for the property was already delinquent to Bluefield, WV's First Community Bank, and selling to the Commonwealth is technically a "short sale." Additionally, "Some details of the loan settlement between Forest Lodge and First Community Bank may be revealed in a January filing by the publicly held bank holding company..." Read all here.
RealCentralVA has additional coverage as well.