14 December 2016

[TPC] - A Follow up on the Jones Co. Property

The Piedmont Chronicles   
~ est. 2010 ~
[State of GA]
[Newton Co.]

(Covington, GA * 12.14.2016) - 

As previously reported by The Chronicles, many questions have been raised about Newton Co.'s purchase of a tract of land in Jones Co., GA for mitigation purposes for the now-defunct Bear Creek Reservoir. This purchase was covered by David Sawyer in his forensic audit of Newton Co. At the time of our last report, we had some of the needed information. Since then, an Open Records Request has been filed and processed, and we now have all of the particulars. Here is what we now know: 
Vis-a-vis the purchase and sales agreement of 24 July 2009:

  • According to Special Stipulation (SS) 22. F, Newton Co. did grant the seller, Southern Vision LLC, and its authorized signor, David Frazier, an option to repurchase the "PROPERTY." 
  • As mentioned in the last write-up, it was stipulated in SS 22. C that the Seller could not remove any standing timber from the "PROPERTY." 
  • This agreement was signed off on by the following: 
    • SELLER: Southern Vision, LLC 
    • BUYER: Newton Co., GA 
        • The Security Bank of Jones Co. 
        • The Security Bank of Bibb Co. 
The closing statement from January 6, 2010 gives us the following information: 

  • The closing agent was J. Scott Pippin and per the contract, the closing attorney was Wm. Thomas Craig.. 
  • The seller's closing costs were $35,221; the buyer's closing costs were $11,589.55
  • Of the $2 million price to purchase, the net proceeds to David Frazier and Southern Vision LLC was $1,475,818.55. Of that amount, $1,475,818.55 was directed to State Bank & Trust; leaving an amount of $0.00 delivered to the seller out of the proceeds. 
  • An non-refundable option payment of $500,000 that was paid in 2009, as specified by the purchase and sales agreement, is listed as a part of the settlement statement; however, that payment - made to the seller, Southern Vision LLC - is not included in the reconciliation of funds for the closing. 
The "ASSIGNMENT OF RIGHTS TO CONSERVATION EASEMENT PROPERTY" agreement from 2014 gives us the following information: 

  • An assignment and modification was made that transfers the rights of repurchase from Southern Vision, LLC to Timbervest Partners III Georgia, LLC, 
  • The deletion of SS 22.C - the removal of standing timber from the "PROPERTY." 
    • Signed off on by: 
      • CONSENT & MODIFICATION: William K. Ellis, Chairman of the Board of Commissioners of Newton Co.