Thursday, January 6, 2011

More Details Surface About the Biscuit Run Bailout

Hawes Spencer has the in-depth cover story at The Hook about the 11th hour bailout in late December 2009 of one of the worst residential RE deals ever made in Albemarle County  Virginia  the United States. 

While the Commonwealth's buying the property for $9.8 Million may be perfectly legal, it's the secretive tax credit issue that has rankled citizens and politicians for the past year.  This secrecy, too, is legal, but it has the appearance of impropriety: pandering to celebrity, political favors, undue influence, currying privilege for friends.

Former Governor Tim Kaine (along with compliant entities in his government) relieved banker/developer Hunter Craig, Dave Matthews Band Manager Coran Capshaw and fiddler Boyd Tinsley (among others) of a deal that was bleeding money and was unlikely to ever come to fruition.

The jaw-droppingly optimistic appraisal of the Biscuit Run parcel at nearly $90 Million was leaked and rumored last Winter (even appearing in February 2010 on this blog).  Hawes Spencer states he has the appraisal documents to prove this number.  The big question is if the Biscuit Run Bailout Boys will challenge the (incredibly generous, IOHO) amount they've already received in tax credits, or just be content they didn't lose more than they already have.

Read the cover story at The Hook.

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