Lake Martin Topics: Is this old news??

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	Name:	UncleSam -
	Subject:	Is this old news??
	Date:	2/26/2008 12:33:38 PM

Forgive me if it is; I haven't been paying attention lately.

"There is a very strong *rumor* floating around that Russell Lands has cut a deal with 3 of the 5 Tallapoosa County Commissioners to raise the tax rate on properties inside of all Russell Lands developments and that a portion of those tax revenues will be returned to RL's as an "incentive" to build the Russell Crossroads retail/office development on Hwy 63 just north of the Kowaliga Bridge. This development, btw, is already under construction.

In The Ridge development covenants - and will be in all future RL developments - there is a stipulation that every time (in perpetuity) that a property sells there, a 2% fee is paid to the Russell Forest Preservation Organization. This 2% fee is on top of the real estate fees and the homeowners association annual fees. The RFPO, btw, is a legal entity that is basically there to collect income for Russell Lands to pay the taxes on their other properties - none of the income is obligated to be spent for the improvement or maintenance of the development from which it is collected.

While there is state legislature allows for tax increases on certain properties, those increases must be approved by public referendum. NO mention of a referendum in those discussions and there isn't anticipated to be any."

Other messages in this thread:

View Entire Thread

Is this old news?? - UncleSam - 2/26/2008 12:33:38 PM

Is this old news?? - Feb - 2/26/2008 12:45:31 PM

Is this old news?? - au67 - 2/26/2008 1:28:17 PM

Is this old news?? - boataholic - 2/26/2008 3:15:37 PM

Is this old news?? - LifeTime Laker - 2/26/2008 2:11:04 PM

Is this old news?? - 8hcap - 2/27/2008 9:38:32 PM

Is this old news?? - Catherine - 2/28/2008 9:51:35 AM

Is this old news?? - 8hcap - 2/28/2008 12:47:04 PM

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