Revised Story:

A land speculation deal by a former city official has been called into question. In 2001 the City of Prestonsburg gave 100 acres of property to the Prestonsburg Industrial Corporation, to be sold for development. While the city set a price of 5-thousand dollars an acre, according to the State Auditor’s office then mayor Jerry Fannin acquired two acres in 2009 for only 3-thousand dollars total. In a statement Current Mayor Les Stapleton exonerated the Prestonsburg Industrial Corporation, saying that the 5-thousand dollar price tag was for developed property. The two acres in question were not developed, and had a cemetery on them. According to the report Fannin was able to sell the property to the Floyd County Rescue Squad for 100-thousand dollars of grant money, which had been acquired through the city. Former Auditor Adam Edelen identified this as a conflict of interest, since Fannin appeared to have violated the league of cities handbook and financially benefited from his position.

 

 

Original Story:

In 2001 the City of Prestonsburg gave 100 acres of property to the Prestonsburg Industrial Corporation, to be sold for development. While the city set a price of 5-thousand dollars an acre, according to the State Auditor’s office then mayor Jerry Fannin acquired two acres in 2009 for only 3-thousand dollars total. According to the report Fannin was able to sell the property to the Floyd County Rescue Squad for 100-thousand dollars of grant money, which had been acquired through the city. Former Auditor Adam Edelen identified this as a conflict of interest, since Fannin appeared to have violated the league of cities handbook and financially benefited from his position.