This blog,originally founded by Blogger, who is listed in Marquis Who's Who and is a recipient of the Albert Nelson Marquis Lifetime Achievement Award. He holds a theological degree and a doctorate in Counseling Psychology. Taught Psychology for 32 years and is now Professor Emeritus. Is a board-certified psychologist and was awarded the Lifetime Achievement Award in his profession. Ministered as a chaplain, and pastored Baptist and Episcopal churches. Publications cover the integration of psychology and theology. Served in the Army, the Merchant Marines and the Peace Corps.

Tuesday, May 7, 2013

NO SALE!! High School Property to Be Re-bid!

Citing the (Boone) Town Council's "recent adoption of the discriminatory, anti-multi-family housing regulations proposed by the "Affordable Housing Taskforce", Developer Phil Templeton has withdrawn his $18.9 Million offer to purchase the old high school property.

The county will re-advertise the property- possibly as early as  next week.

According to Templeton's withdrawal letter, the restrictions put on the property by the Town of Boone (AFTER TEMPLETON SUBMITTED THE WINNING BID) makes the $18.9 million purchase an "unacceptable level of risk". It's hard to imagine that, given the newly created restrictions on the property, that the eventual selling price will be in the same price range!

The actions of the Boone Town Council have killed this sale. The result it that county taxpayers will continue to pay appx $500,000.00 interest each year on the portion of the current debt that would have been reduced when the purchase price was applied against the outstanding loan.

Not to mention the continuing loss of tax revenue to both the County and the Town for as long as this property remains in county hands and off of the tax rolls!

A copy of Templeton's letter can be seen at the HCPress Website here.


Anonymous said...

As soon as Templeton was announced as the high bidder, the town moved to kill the deal! They don't mind costing taxpayers money if it helps them to penalize Templeton for his daring to try to build in the mayor's neighborhood!

Wolf's Head said...


Nobody said...

Now let's watch the town council and see if they amend the housing regs to grandfather the high school property. If that happens, it is my hope that Templeton files suit against the town and that ALL of the local media harp on this like it's Abu Ghraib and the town council is George Bush. I and others have suspected that the housing regs were pushed through BECAUSE it was Templeton who was the buyer. Legislating due to a personal vendetta and grudge -- anyone surprised?

guy faulkes said...

I do not think the Town will amend the regs to grandfather the old high school property because they are afraid Templeton might bid again.

What will be ironic is if Templeton bids at a much lower price as everyone will do due to the regulations and wins the bid again. Watch for accusations of collusion between the county commissioners and Templeton even though the town caused the value of the property to plummet.

NewGuy said...

There are those wackos out there that will say that, Guy......I've seen comments along those lines already.

But, the fact is, the highest offer is publicized and anyone can "upset" that offer with a higher bid. Hard to 'rig' a price when you are selling to the highest bidder!

guy faulkes said...

NewGuy, could that be called the free market and is why it works?

NewGuy said...

An example of the free market in action..And, since the town has restricted the use of the property, it reduces the demand for that property and will likely reduce the price as a result!

It's ridiculous for the town to decide what is "needed". Templeton is an intelligent man - he is not going to build something that is not 'needed'....not if he wants to get a return on his investment.

The town apparently doesn't realize (or, more likely, doesn't CARE) that an increase in housing supply will result in lower housing costs for everyone! Vacant apartments aren't going to make a landlord any money and he will, of necessity, reduce his rental prices in order to attract tenants.

Why wouldn't an "Affordable Living" task force recognize this simple fact?

guy faulkes said...

Why wouldn't an "Affordable Living" task force recognize this simple fact?

It does. You are working under the assumption tat the task force wants to provide affordable living instead of protecting the status quot. After all, those that move into houses priced for working people might be working people and as these kind of people might be conservative, that would never do.

The Boone Council has to protect its power base.