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Resource ID: #17260
Subject: Real Estate
Source: Weekly Planet (Tampa, Fla.)
Affiliation: 
Date: June 8-14

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Description

This weekly newspaper investigated a "real-estate flipping scheme involving city of Tampa redevelopment properties." The reporter found out that "a private company [Wide Spread Inc.] had allegedly flipped the properties using city funds at a financial gain to the company and its agents of at least $ 337,000." The investigation revealed that the flipping scheme involved "four nonprofit groups designated by Tampa Mayor Dick Greco to help the city spruce up rundown sections of Tampa Heights and Ybor city." The nonprofits purchased at unreasonably high prices the properties Wide Spread had acquired. The story pointed out that "city auditors came across the same alleged flipping activity and privately alerted state criminal investigators before Weekly Planet published its story." At the time the story was published "city officials claimed to be unaware".

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