GOVERNMENT/POLITICS A4-5 | OUR COLUMNISTS A6-7 | YOUR NEIGHBORHOOD SCHOOLS A8-9 | BUSINESS A10 | HEALTH & LIFESTYLES SECTION B
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VOL. 6, NO. 5
karns / hardin valley
JANUARY 30, 2012
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HVA celebrates Chinese ‘Year of the Dragon’ … with 1st graders
Evangelist Tim Lee speaks at Grace Baptist Church, relating his world travels and mission work. See page A-7
FEATURED COLUMNIST MARVIN WEST
Paterno and Majors Former UT coach remembers his friend “JoePa.” See page A-6
By Theresa Edwards Hardin Valley Academy welcomed 174 1st graders from Hardin Valley Elementary to celebrate the Chinese New Year together with a dragon dance, Chinese dumplings, fortune cookies, story time, songs and mementos. This event was made possible by the cooperative efforts of the Chinese classes led by Dr. Frank Chen, Rebecca Renegar’s nutrition class, the art department led by Donna Anderson and Hardin Valley’s 1st grade teachers. Chen said, “We’re really excited to have this opportunity to reach out to our community. It’s a big step. We have done it in a class setting previously. This is a great opportunity for the young students to get exposed to a different culture.”
The dancing dragon celebrating the Chinese “Year of the Dragon” comes up close to 1st graders Kasey Schneider (front), Avery Bolax, Eli Campbell, Talon Tritchard and Zander Rice. Photos by T. Edwards of TEPHOTOS.com
To page A-9
NEIGHBORHOOD BUZZ
School board forum Candidates for the Knox County school board from District 3 will appear at a public forum hosted by the Cedar Bluff schools PTSA from 6:30 to 8 p.m. Thursday, Feb. 2, at the Cedar Bluff Elementary School gym. Early voting starts Feb. 15 for the March 6 election. Incumbent board member Cindy Buttry is not seeking reelection. Candidates are Bobby Edington, Doug Harris and Gina Oster. Info: www.cedarbluffes. knoxschools.org/.
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Food group promotes healthy eating Building, 2247 Western Ave., to discuss these issues and more. Council reps visited the County Commission last week at the invitation of member and Commissioner Amy Broyles. Commissioner (and heart surgeon) Richard Briggs claimed to be the “only one (on the dais) who has sat at a farmers market, trying to sell merchandise.” Briggs is a bee keeper and raises blueberries and fruit in an orchard on his Knox County Mayor Tim Burchett (right) lobbies for healthy farm. “How do prices compare?” pizza and tacos with Stephanie Welch and Jon Dickl, memhe asked. bers of the Food Policy Council. Photo by S. Clark Stephanie Welch said pricpoorer neighborhoods? Want es at a chain grocery store are By Sandra Clark Do you favor local veg- healthier school lunches? lower than at a farmers marThe Food Policy Council ket because of economies of gies and meat over stuff from China? How about fair food meets at 10 a.m. each third scale, depending on the item, prices across affluent and Tuesday at the CAC/MLB but increasing costs of trans-
A builder’s dilemma By Greg Householder When times were good, builder Jim Holt’s condo buyers got 100 percent loans guaranteed by the federal government. But when times got tough, the feds roared back, making it almost impossible for Holt to stay in business. “I can’t compete with the U.S. Treasury,” said Holt.
Analysis
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Through his company JB Homes, Holt began developing the Forest Landing condominium complex off Tazewell Pike in 2006. The condos were modestly priced at $89,900, and JB Homes sold 10 of 24 units in 2007. The units were approved for Federal Housing Administration (FHA) loans that were eligible to be bought by secondary mortgage market players commonly called Fannie Mae and Freddie Mac. As the economy slowed, so did sales
ADVERTISING SALES Debbie Moss mossd@ShopperNewsNow.com Shopper-News is a member of KNS Media Group, published weekly at 10512 Lexington Drive, Suite 500, Knoxville, TN, and distributed to 33,237 homes in Farragut, Karns and Hardin Valley.
farmers. The group plans an “Eat-Play-Live” conference Saturday, March 10, at the L&N STEM Academy.
Food Policy Council members Chad Hellwinckel James Bosi Gail Root Charlotte Tolley Chris Woodhull Barbara Monty Emily Gonzalez Robert Hodge Amy Broyles Stephanie Welch Jonathan Dickl
Freddie and Fannie and Jim
10512 Lexington Dr., Ste. 500 37932 (865) 218-WEST (9378)
EDITOR Sandra Clark sclark426@aol.com
portation and labor may erase that advantage. The average potato travels 1,800 miles to reach our table, she said. Welch, who works for the Knox County Health Department, said studies show the lowest income sector of our community pays $20 more for the same basket of groceries. Knox County Schools director of food services Jonathan Dickl continues to integrate fresh and local produce into school lunches. But efforts are hampered by the area’s lack of a food processor – a company to wash and bag lettuce, for instance. The Food Policy Council is a volunteer group at work to make life healthier for eaters and more profitable for
at Forest Landing. Only one condo sold in 2010 and another in 2011. Holt has five units remaining. He reduced the price incrementally, getting as low as $70,000 in December. But he is competing with Uncle Sam. A buyer of one of his earlier units walked away from her obligations and the unit fell under the control of the Department of Housing and Urban Development (HUD) – the federal overseer of the various government housing businesses. This owner purchased the unit with government approved financing in September 2008 for a total loan of $93,800 (including financing costs, closing costs, etc.). Without local advertising or even a sign in the yard, HUD sold the unit in September 2011 for $46,200. Holt had no idea it was for sale, even though the unit was near one of the remaining condos he uses as a model and office. Holt believes an out-of-state investor – what he terms a “vulture investor” – discovered the property through the HUD website.
With this low-ball sale, the comparables are destroyed. Holt recently received an offer from a local “vulture investor” of $150,000 for four condos, or about half of what he still owes on his construction loan. “My wife told me not to call you,” he said. “She didn’t want people knowing our business. But I’m mad.” Holt had made a list of the subcontractors he hired. They’re unemployed or have taken other jobs. Forest Landing is a vibrant community with some 18 homeowners paying back 30-year mortgages based on an almost $90,000 purchase price. That’s a good price for a brand new, 2-bedroom, bath and a half condo in Fountain City. But it’s surely depressing to see an adjacent unit go for less than half that. And Jim Holt is hanging by a thread, trying to sell those final five units and pay off his construction loan. “First Tennessee has been great to work with,” he said, “but there’s a limit to their patience.” We’ve read about the failures of
Jim Holt documents sale prices of the condos at Forest Landing. Photo by S. Clark
Fannie Mae and Freddie Mac. “Bad business decisions,” the pundits say. But fundamentally, the federal government’s involvement in the housing business was destined to fail. And now the community is reaping the consequences of that failure.
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