The School!
Buying the Property
Many people don't realize the whole story of the purchase of the property. Was
the Hurst property the only property considered? Was the Hurst property
the first property looked at? The answer to these questions are no.
One only has to look at the public records to see how the school came to rest where it is, at 1001 Maynardville HWY. Other properties considered were on Racoon Valley Road near Claytons and also right off Satterfield Road. Factors such as accessibility, utilities, cost etc were considered. The current location at 1001 Maynardville HWY was chosen based on these factors alone. It gave the taxpayers the best value for every tax dollar spent.
So how was it paid for?
After it was determined that the Hurst Property was the best fit, the county had to buy it. A county can't just write a check, it must be voted on and public meetings held. To hold the property the Schools paid three payments to the Hurst families. These payments are often referred to by realtors as "Earnest" money. These payments basically say, "we will make monthly payments to you, so that you will hold the property while we arrange financing. Three of these payments were paid to the property owners by the School System.
Were these three payments lost?
In some cases "Earnest" money is lost in a purchase. That means that the money paid to hold a property is above the selling price of the property. However, it was worked in a way that every cent the Schools paid to hold the property went toward the purchase. This alone saved the taxpayers several thousand dollars.
The purchase was approved and the schools moved to buy the land. First the schools paid the taxes on the property. The cost of the taxes were removed from the purchase priice. For every dollar the School spent on paying owed taxes on the land one dollar was removed from the purchase price.
The school was in the unusual position of buying the property from three individuals who owned stake in the land. These individuals (sometimes referrred to as heirs) were: Brenda Jackson, Catherine Holland and Norma Maguire.
It came time for the School to take the first step to building the new facility, the buying of the land.
CHECK # 184
The first check (Check 184) was written to Catherine Holland. You see a copy of this check below. Feel free to click on the check to see a larger view of it. Account numbers as well as the address of the payee have been redacted.
One only has to look at the public records to see how the school came to rest where it is, at 1001 Maynardville HWY. Other properties considered were on Racoon Valley Road near Claytons and also right off Satterfield Road. Factors such as accessibility, utilities, cost etc were considered. The current location at 1001 Maynardville HWY was chosen based on these factors alone. It gave the taxpayers the best value for every tax dollar spent.
So how was it paid for?
After it was determined that the Hurst Property was the best fit, the county had to buy it. A county can't just write a check, it must be voted on and public meetings held. To hold the property the Schools paid three payments to the Hurst families. These payments are often referred to by realtors as "Earnest" money. These payments basically say, "we will make monthly payments to you, so that you will hold the property while we arrange financing. Three of these payments were paid to the property owners by the School System.
Were these three payments lost?
In some cases "Earnest" money is lost in a purchase. That means that the money paid to hold a property is above the selling price of the property. However, it was worked in a way that every cent the Schools paid to hold the property went toward the purchase. This alone saved the taxpayers several thousand dollars.
The purchase was approved and the schools moved to buy the land. First the schools paid the taxes on the property. The cost of the taxes were removed from the purchase priice. For every dollar the School spent on paying owed taxes on the land one dollar was removed from the purchase price.
The school was in the unusual position of buying the property from three individuals who owned stake in the land. These individuals (sometimes referrred to as heirs) were: Brenda Jackson, Catherine Holland and Norma Maguire.
It came time for the School to take the first step to building the new facility, the buying of the land.
CHECK # 184
The first check (Check 184) was written to Catherine Holland. You see a copy of this check below. Feel free to click on the check to see a larger view of it. Account numbers as well as the address of the payee have been redacted.
As you see the check was written for $84,681.96 and made payable to Catherine Holland.
CHECK # 185
The second check (Check 185) was written to Brenda Jackson. You see a copy of this check below. Feel free to click on the check to see a larger view of it. Account numbers as well as the address of the payee have been redacted.
Click For Larger Image
CHECK # 185
The second check (Check 185) was written to Brenda Jackson. You see a copy of this check below. Feel free to click on the check to see a larger view of it. Account numbers as well as the address of the payee have been redacted.
Click For Larger Image
As you see the check was written for $84,681.96 and made payable to Brenda Jackson.
CHECK # 186
The second check (Check 185) was written to Norma Maguire. You see a copy of this check below. Feel free to click on the check to see a larger view of it. Account numbers as well as the address of the payee have been redacted.
Click For Larger Image
CHECK # 186
The second check (Check 185) was written to Norma Maguire. You see a copy of this check below. Feel free to click on the check to see a larger view of it. Account numbers as well as the address of the payee have been redacted.
Click For Larger Image
As you see the check was written for $84,681.96 and made payable to Norma Maguire.
So we can do the math:
Check 184 + Check 185 + Check 186 + Earnest Money + Earnest Money + Earnest Money + Owed Taxes = Full Cost.
So this is the entire story of what money changed hands and how much. It also lists each party involved in the transaction.
I would like to thank Wayne Goforth and Glenn Coppock for their help and full access to their files. The images here are courtesy of Union County Public Schools.
So we can do the math:
Check 184 + Check 185 + Check 186 + Earnest Money + Earnest Money + Earnest Money + Owed Taxes = Full Cost.
So this is the entire story of what money changed hands and how much. It also lists each party involved in the transaction.
I would like to thank Wayne Goforth and Glenn Coppock for their help and full access to their files. The images here are courtesy of Union County Public Schools.