Charlottesville Breaking News
A pile of debt, another warm winter, and the state's unwillingness to accept a dead appraiser's valuation for millions in already-spent conservation tax credits have pushed the company running Wintergreen Resort to the brink of insolvency, as reported Monday morning in the Nelson County Times.
Despite– in a deal reminiscent of Biscuit Run– scooping up $4.6 million from taxpayers four years ago, Wintergreen Partners Inc. has reportedly defaulted on its loan from Bank of America and now implores members to voluntarily lend it $6 million to save the company from bankruptcy.
Another shocker is that Wintergreen joins a host of Virginians in parlaying empty land into cash, part of Virginia's generous conservation tax credit scheme that transfers over $100 million a year from taxpayers to owners of large tracts. The scheme is the centerpiece of ongoing litigation between the state and a team of land speculators who failed to convert an Albemarle tract called Biscuit Run into a housing development.
At Wintergreen, a company subsidiary found an appraiser willing to claim in 2008 that the 1,422-acre peak called Crawford's Knob was worth $11.5 million. Like the owners of Biscuit Run, Wintergreen turned that valuation into s...