Sarasota YMCA entangled in unorthodox land deal [South Florida]
A complex real estate deal between the Sarasota Family YMCA and one of its fundraising foundation board members made the charity at least $250,000.
But the deal also turned out good for the board member, Sarasota attorney David Band.
Together with four partners, Band sold half of a run-down office building on land tainted by groundwater pollution to the YMCA for $830,000 and donated the other half to the nonprofit as an $830,000 gift that could save Band and his partners at least $200,000 on their tax bills.
The same day, the YMCA made a quick profit by selling the entire building for $1.3 million, receiving $300,000 in cash, while providing the buyers with a $1 million interest-only loan.