Forest Lodge LLC

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Forest Lodge LLC
Type developer
Founded 2006
Founder Hunter E. Craig
Headquarters Charlottesville
Industry developer
Employees

Forest Lodge LLC is the company that purchased the Biscuit Run Farm with the intent to develop a new neighborhood.


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About

Forest Lodge purchased the property in 2006 for $46.2 million, the largest land transaction ever in Albemarle County. In 2009 Forest Lodge sold the undeveloped land to the Commonwealth for $21.48 million in cash and tax credits, to create Biscuit Run State Park.[1]

Lawsuit

In 2011, Forest Lodge challenged the amount of tax credits received, seeking another $19.48 million from the Commonwealth through a civil case in Albemarle County Circuit Court. At issue are varying appraisals used for the property; Forest Lodge claims a value of $87.7 million, against the Commonwealth's appraisal of $12 million.[2] The resulting lawsuit and investigation by Virginia Attorney General Ken Cuccinelli aroused the ire of the Jefferson Area Tea Party, who felt that the transaction was at considerable loss of tax dollars to the County and criticized the confidentiality clause of the deal for withholding important information from the public.[3]

Investors

Known investors in Forest Lodge include:

References

  1. Web. The flip that flopped: Biscuit Run men want $20 million more from taxpayers, Hawes Spencer, The Hook, Better Publications LLC, 12:16pm Nov 9th, 2011, retrieved Nov 10th, 2011. Print. Nov 10th, 2011 , #1045, .
  2. Web. Biscuit Run update: Forest Lodge takes tax department to court, Brendan Fitzgerald, C-VILLE Weekly, Portico Publications, November 7, 2011, retrieved November 11, 2011.
  3. Web. Local Tea Party bashes Biscuit Run tax credits claim, C-VILLE Weekly, Portico Publications, November 11, 2011, retrieved August 24, 2012.