If I gave you nine acres and you gave me a half mil, is it still a gift?
According to the March 16, 2008, edition of the Clarion-Ledger newspaper, “Tougaloo College plans to offer nine acres of land off West County Line Road to the Mississippi civil rights museum’s board of directors at no cost under a 99-year lease. In return, the college will ask for $50,000 a year in scholarships or internships.”
Let’s see: $50,000 amortized over 20 years at 7.00 percent equals $529,700.71. At 6.00 percent over 20 years it would be $573,496.06. At 8.00 percent over 20 years it would be $490,907.37.
How much is this site worth? More importantly, would this arrangement make it a free gift? Is this more ammunition for those who promoted the downtown Jackson site?