Something to ask yourself today: Is your house, and the land it sits on, worth twice as much today as it was in 2004? Probably not.
In fact, odds are that your property is worth much less.
Even so, the state Board of Natural Resources today will agree to pay $28.7 million for 9,595 acres of Oaky Woods wilderness in middle Georgia — nearly double the cost when the state was offered the land and passed on it in 2004.
Instead, most of the land went to developers – a move that boosted the value of a nearby tract owned by Gov. Sonny Perdue. But plans to create a private city on the land went bust with the housing market. With the DNR purchase, at least the developers, Oaky Woods Properties LLC, will be able to recoup their investment – and still hold onto half their purchase.
You will be happy to know that, according to one board member, no corruption was involved. Just greed. From my AJC colleague Jeremy Redmon, who attended the preliminaries on Tuesday:
Dwight Davis, another