Business
LIG Assets Announces Purchase of Additional 30 Acres for Bella Serra Development
LIG Assets Announces Purchase of Additional 30 Acres for Bella Serra Development.
About this update from Lig Assets, Inc.
[{"type":"text","content":"\nNashville, TN, May 02, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- LIG Assets, Inc. (OTC PINK: LIGA) (also known as the \"Leader in Green Assets\" or \"LIGA\") announced today the closing on the purchase of the additional 30 acres for the Bella Serra Development in Brentwood, Tennessee.  The terms of the agreement are identical to the initial 30 acre transaction bringing the total acreage for the project to 60.  The total “As Is” appraised value of the land is now $5.2MM after the recent rezoning of the property.  The company is now working on finalizing a $3.7MM non-dilutive financing commitment to begin the build out process with projected revenue of $52MM upon completion.\n In order to assure rezoning approval and adequate access to the proposed development, LIG Assets Executive Management purchased two adjacent properties totaling approximately 5 acres for $662,000.  LIG Assets President, Marvin Baker, stated, “The purchase of this additional 5 acre parcels allows for easy access to LIG’s 60 acres while also providing working and storage facilities for our crew and equipment necessary as we move forward in the development process.”  Chief Financial Officer, Doug Vaughn, commented, “The recent annual report referenced the unrealized gains for various properties and assets.  The $3.2MM gain on the Brentwood land is now complete as the appraisal was for the entire 60 acres.  For every dollar we spend on infrastructure the value of the land is expected to increase by up to four times with each incremental dollar invested. Furthermore, given the scarcity of available lots and homes within a short drive of downtown Nashville, we believe and expect a rapid sales process.” The Company continues working diligently on additional initiatives and expects to update shareholders via our newsletter regarding its progress in the coming days. Bella Serra – Brentwood, Tennessee: A Luxury Mediterranean hillside resort development offering the variety of custom single-family homes and the simplistic lifestyle living of condominium villas for the most discerning buyers of luxury living at its finest.  The most unique feature of these homes will be the green sustainability factor built with consideration of the environment in mind. A high quality ...