The Mayor of the City of Eustis, FL pushed through a $250,000 city purchase of a historic building and adjacent lot appraised at $175,000 and over paid $75,000 for the buys. Then the city will keep the lot valued at $35,000 and sell the building for $160,000 to friends of the Mayor without advertising for any other buyers at the sweetheart price. AND, the city will finance the $160,000 (plus imputed interest of $27,000) sale of the building over five years and only require $500 down and no credit checks or due diligence to ensure ability to pay the taxpayer funded mortgage. This is small town cronyism at it's best. Read more →
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