Fla.: Audit Critical of State Land Deals (Jeb Bush approved)

[seafan]

http://www.forbes.com/feeds/ap/2007/10/03/ap4182716.html">Fla.: Audit Critical of State Land Deals

By BILL KACZOR 10.03.07, 11:48 AM ET

TALLAHASSEE, Fla. -

Several major state environmental land purchases, including the massive Babock Ranch tract in southwest Florida, were based on questionable appraisals that may have improperly inflated values, a state audit said.

Auditor General William O. Monroe wrote that documentation for the Babock Ranch purchase last year made it appear the Department of Environmental Protection had influenced appraisers to increase its value to meet the seller's "bottom line price" of $350 million. It was the biggest environmental land deal in state history.

The audit also found appraisals for some other purchases made through the state's Florida Forever program from 2004 through 2006 were based on unlikely or erroneous assumptions that increased value estimates.

.....

The auditor general cited an undated, unsigned document in the department's files that says developer Syd Kitson's asking price for Babock Ranch was $117.2 million more than the initial appraised value in 2004.

"Our challenge is how to meet his price with the appraisals," the document stated, adding the seller "would rather we NOT pay above appraised value ... he says he'll get criticized for it."
Kitson said he didn't recall making such a comment but "that doesn't mean I didn't have that discussion." He said his intent always was to sell for below the appraised value.

The document lists two alternatives: pay more than the appraisals or have the property reappraised. The appraisals were updated about a year later and both increased to more than $350 million - one at $394.7 million and the other $390.15 million. Both included a 43 percent increase in the value of agricultural land.

"This document appeared to summarize a plan of action to use the new appraisal reports to accommodate the seller's price requirements," the audit states.

Then-Gov. Jeb Bush and the Cabinet approved the purchase at $350 million - $308.5 million from the state and the rest from Lee County. Crist served on the Cabinet as attorney general at the time.
The property was reappraised to reflect "rapidly increasing prices" in the real estate market, Sole wrote. He added that the document "summarized ideas from meetings and did not represent the department's strategy."

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And there are several more examples in this article of improperly inflated appraisals of land parcels for which Jeb Bush approved state money to purchase. Which buddies of his profited from these deals?


Syd Kitson, for one.


We will be uncovering more and more of Jeb's corrupt and devious plans, every day that passes.