Board accepts $4.9 million offer for Tanglewood property, approves stable lease with new reporting requirements

The Forsyth County Board of Commissioners on June 25 accepted the highest negotiated offer of $4.9 million for county-owned Tanglewood property and separately approved a three-year lease with Tanglewood Farm, Inc. for the horse barns, stables and related facilities.

Staff said the $4.9 million offer from PMA Holdings LLC (doing business as Pine State Development) exceeded the advertised upset-bid price by $900,000; commissioners approved the sale 6–1. On the lease, staff described a structure with a first-year base rent of $15,000, escalating $300 annually plus 5% of the stable's gross revenue. Commissioners pressed staff on how revenue is tracked, whether prior reporting covered all revenue sources (boarding, trail rides, classes, events), and whether the county could shorten the lease term to a year with renewal options to allow closer monitoring.

Deputy County Manager and procurement staff said the new lease broadens the defined revenue base to include revenue sources that prior agreements did not require the county to track, and that tenants must provide an annual revenue report. Several commissioners asked for quarterly monitoring and the possibility of a 1-year + options model going forward; staff said the advertised RFQ/lease requested a three-year term and changing terms now could require re-advertising but that a one-year with county renewal options is legally possible.

The board approved the lease and the property sale; commissioners noted limited competition in the bidding process and asked staff to monitor contract performance and provide periodic updates.