to buy
the private prison site from a private landowner.
But who did that landowner get the site from?
The Industrial Authority!
And the sale prices involved are rather interesting: the landowner gets almost 100% profit in five years.
One person I showed them to immediately said, “sweetheart deal.”
What do you think?
The Valdosta-Lowndes County Industrial Authority (VLCIA)
bought the site back in 1998 for $1,243,200, and
sold it to the landowner in 2007 for 1,463,512, which is an increase of
about 18%
in almost 10 years or about 2% per year.
CCA can buy it from the landowner in 2012 for $2,907,000,
for an increase of 99% in about five years or almost 20% per year.
Which is far more than the 20% in five years or about 4% per year shown by the assessed value.
And this remarkable surge in the price of that land
is during the worst real estate market since the Great Depression.
Does this look like a sweetheart deal to you?
| Date | Price | $ Increase | % Increase | % /year | From | To |
|---|---|---|---|---|---|---|
| 2012? | $2,907,000 | $1,443,488 | 99% | 20% | N.L. Bassford Jr | CCA |
| 2012 | $1,756,320 | $ 292,808 | 20% | 4% | Assessed Value | |
| 2007 | $1,463,512 | $ 220,312 | 18% | 2% | VLCIA | N.L. Bassford Jr |
| 1998 | $1,243,200 | Camellia Investment Co. | VLCIA | |||
|
Prices in this table are taken directly from the legal documents.
All percentages are rounded and approximate. | ||||||
Here is a petition for VLCIA to reject the private prison.
-jsq