FOUR COUNTY DEVELOPMENT AUTHORITY CPA TAMPLIN CONFIRMS 87% LOSS ON PROPERTY SALE

December 21, 2015

(Note: The Joint Development Authority (JDA) used to be known as the Four County Development Authority (4CDA). These 2 entities are one in the same when you read our blogs, and they are also called “Stanton Springs”.)

Staton Springs EntranceWayne Tamplin, CPA for the 4CDA, made a presentation to the Morgan County BOC on December 15th about the pending land sale at Stanton Springs.

He said there would be “$830,000 in proceeds from the land sale.” Watch his presentation here:

His comments confirm that there will be a huge loss to the taxpayers that have faithfully put money into the 4CDA/Stanton Springs for the past 13 years or more.

Here’s how the deal works.

  • JC Flex and the 4CDA (JDA) sell land together in the same contract, even though JDA owns 482 acres and J.C. Flex owns 55 acres of the land being sold.
  • The selling price for both JDA and J.C. Flex land is $3,718,830.
  • J.C. Flex and its parent company TPA, get a 7% sales commission on the deal ($260,000).
  • J.C. Flex and its parent company TPA, also get ONE HALF OF THE PROCEEDS from the sale.
  • J.C. Flex will sell enough land to JDA  to build a 1400’ parkway.  JDA will pay $100,000 for the land. This is the same land J.C. Flex previously bought from JDA for $13,000 per acre or less.  JDA will set aside $1,000,000 to build the parkway as required by the contract.
  • The 4CDA/JDA is left with $832,000 per Tamplin’s calculations.

You can confirm all of this by reading the contract for this deal.

Mr. Tamplin also gave a presentation on how JDA/4CDA would operate without the sale. That will be in the next blog we send out.

I have spoken with both Kippy Clarke, the buyer/developer, and Steve Jordan, Jasper County’s JDA representative, and neither one could explain why TPA/J.C. Flex is getting ONE HALF of the proceeds in this deal.

 If for some reason, this is “fair”, then 55 acres of TPA land is worth $34,000 per acre and 482 acres of JDA/4CDA land is worth $3,800 per acre.

Money down the toiletThe cost of the 482 acres being sold by our JDA representatives is $13,600 x 482 = $6,555,200. We get $832,000. Our loss is 87% of our investment over the past 13+ years.

There goes our hard-earned money, right down the drain.

 

TWG

 Citizens, be informed and stay informed! Only by being informed can the citizens understand what is being done and talked about, and then press our officials to make good decisions for everyone in Jasper County. That is our goal with the Taxdogs blog.

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3 Responses to FOUR COUNTY DEVELOPMENT AUTHORITY CPA TAMPLIN CONFIRMS 87% LOSS ON PROPERTY SALE

  1. Backroom Deals says:

    It is time to replace county representatives to the JDA. We need people on the board that have good negotiation skills and actually look out for the taxpayers.

    An audit of JDA is needed. An investigation into the TPA/JDA/JC Flex and other JC companies’ relationships would be prudent.

    Why can nobody answer the question of why TPA/JC Flex gets 50% of the proceed, when TPA is supposedly the marketing arm of JDA and get’s 7% commission.

    Taxpayers deserve transparency before any deal gets approved.

  2. Scrap Recovery says:

    I Guess U see what the good Ol boys are doing. we all said No long time ago. they joined it any way an now we taking a kick in the pants, an they gettin richer, as I sure some one is geting a Kick back some where

  3. Steve says:

    This “deal” requires closer scrutiny and more transparency.

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