NC State selling massive forest near Jacksonville - WNCT

NC State selling massive forest near Jacksonville

Posted: Updated:
JACKSONVILLE, N.C. -

N.C. State is selling a massive forest near Jacksonville for $150, million, the school has confirmed.

The Board of Trustees for the Endowment Fund has agreed to terms for the sale of Hofmann Forest, the school said in a news release.

The move will allow for investments  in the College of Natural Resources and continued access for students and faculty.

Jerry Walker, manager of the purchaser, Walker Ag Group, has signed an agreement to buy the 79,000-acre property near Jacksonville, N.C., for $150 million. Walker's family has a large agricultural business based in Illinois.

Walker Ag Group has not said how it plans to use the property. On its website, Walker Ag Group says its main focus is grain production, but is also has businesses in fertilizer storage and distribution, trucking, and land management.

Proceeds from the sale will be placed in an endowment, NCSU said, with the College of Natural Resources expected to get around $6 million per year.

 "The income generated annually by the investment of the sale proceeds will provide tremendous educational and research opportunities for the College of Natural Resources and its students," said N.C. State Chancellor Randy Woodson.

"As an asset, the forest's full potential was not being realized. We have an obligation to our stakeholders – our students, faculty, staff and alumni – to ensure our colleges are positioned to provide a robust academic environment that attracts world-class faculty and the best and brightest students."

Dean Mary Watzin of the College of Natural Resources said the sale "will be nothing short of transformational for our college."

The forest was purchased by the North Carolina Forestry Foundation Inc. in 1934. The foundation gifted the land to the NC State Endowment Fund in 1977 for the benefit of the College of Natural Resources.

N.C. State said the sale does not affect zoning for the forest, which permits its use for timber and agricultural purposes.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Mom bites off dog's ear to save daughter during attack

    Mom bites off dog's ear to save daughter during attack

    Tuesday, April 22 2014 2:49 PM EDT2014-04-22 18:49:19 GMT
    Image from CNN/KHOU-TVImage from CNN/KHOU-TV
    In a backyard in Alvin, swings a very lucky girl. Her name is Mackenzi Plass, or Kenzi for short, and she survived a dog attack and has undergone several surgeries."She'll be two and a half in May," said her very proud mother Chelsi Camp. "She's doing great. You wouldn't know it if you couldn't see."Mackenzi has scars on her face after the ordeal just weeks ago that put her mother's animal instincts to the test."You do whatever you can," said Camp. "I don't have physical strength at my side."...
    In a backyard in Alvin, swings a very lucky girl. Her name is Mackenzi Plass, or Kenzi for short, and she survived a dog attack and has undergone several surgeries."She'll be two and a half in May," said her very proud mother Chelsi Camp. "She's doing great. You wouldn't know it if you couldn't see."Mackenzi has scars on her face after the ordeal just weeks ago that put her mother's animal instincts to the test."You do whatever you can," said Camp. "I don't have physical strength at my side."...
  • Owner of Raleigh 'Party Mansion' guilty of tax evasion

    Owner of Raleigh 'Party Mansion' guilty of tax evasion

    Monday, April 14 2014 4:07 PM EDT2014-04-14 20:07:04 GMT
    Claude Verbal II, who now lives in Miami, pleads guilty to a number of federal tax evasion charges.
    Claude Verbal II, who now lives in Miami, pleads guilty to a number of federal tax evasion charges.
  • Indictment: Prosecutor was target of Wake Forest kidnapping

    Indictment: Prosecutor was target of Wake Forest kidnapping

    Tuesday, April 22 2014 6:57 PM EDT2014-04-22 22:57:33 GMT
    The U.S. Department of Justice said Kevin Melton has been charged with conspiring to kidnap in relation to the abduction of Frank Janssen from his Wake Forest homeThe U.S. Department of Justice said Kevin Melton has been charged with conspiring to kidnap in relation to the abduction of Frank Janssen from his Wake Forest home
    Nine people have been indicted in connection with the kidnapping of a Wake Forest man whose daughter prosecuted a high-ranking member of the Bloods street gang.
    Nine people have been indicted in connection with the kidnapping of a Wake Forest man whose daughter prosecuted a high-ranking member of the Bloods street gang.
Powered by WorldNow

3221 South Evans Street
Greenville N.C. 27834

Telephone: 252.355.8500
Fax: 252.355.8568
Email: newsdesk@wnct.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.