October 28 Hook cover image.
It seems like a simple question: How much will taxpayers pay to make Biscuit Run a Virginia park?
Nearly a year after the state’s under-the-wire purchase of the 1,200-acre tract that had been slated to become Albemarle’s biggest subdivision, the would-be developers and state officials appear to have successfully deflected inquiries about the value of tax credits that made the deal possible— even as the Virginia state senator who penned the legislation establishing such tax credits now calls the secrecy “disturbing.”
Meanwhile, tranquility-quashing plans remain to build 100 houses within the new park’s perimeter.
Such revelations come as sources point out that the 850-acre Panorama Farms– a recreation-ready tract owned by a family eager to protect scenic terrain from development– was passed over for the honor of becoming Albemarle County’s state park. Yet, it’s the secrecy surrounding the Biscuit Run deal that has drawn fire from both sides of the political spectrum.
“It ought to be transparent,” says State Senator Creigh Deeds, who served as patron of the land preservation tax credit system that became law a decade ago. “People ought to be able to judge for themselves whether its a good deal or not.”
In a rare occurrence during politically polarized times, conservative radio show host and former Republican city councilor Rob Schilling agrees.
“It would be one thing if the developers just decided they weren’t going to build it,” says Schilling. “But for the state to get involved, and then start wheeling and dealing behind closed doors? I don’t think that makes many people very happy.”
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A carved wood sign marks the entrance to Biscuit Run, which for decades was the site of a weekly get-together that brought artists, musicians and others to David and Elizabeth Breeden’s home.
PHOTO BY COURTENEY STUART
Located south of Charlottesville, sprawling Biscuit Run farm was purchased in 2005 for a record-shattering $46.2 million by a group of investors called themselves Forest Lodge LLC. Publicly headed by developer Hunter Craig and including Dave Matthews Band manager Coran Capshaw and at least one member of the Dave Matthews Band, the team justified the gasp-worthy price by the promise of a 3,100-home development inside the County’s designated growth area. The plan promised— in addition to giving the developers a return— to give Albemarle $41 million in proffers (deal sweeteners such as money and roads) in addition to a 400-acre park and a permanently expanded tax base.
But as the real estate market tanked in the years following the purchase, Forest Lodge found itself shouldering an immense debt load and unable to move forward on the development. By November 2009, Bluefield, West Virginia-based First Community Bancshares alerted shareholders that the Biscuit Run loan was in “early stage delinquency” but assured that it was “adequately secured” by the large tract of undeveloped land.
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