xt7qnk361p0s_859 https://exploreuk.uky.edu/dips/xt7qnk361p0s/data/mets.xml https://exploreuk.uky.edu/dips/xt7qnk361p0s/data/88m6.dao.xml Inland Steel Company 185 Cubic Feet archival material 88m6 English University of Kentucky Copyright has not been assigned to the University of Kentucky  Contact the Special Collections Research Center for information regarding rights and use of this collection. Wheelwright Collection Coal miners -- Housing -- Kentucky. Coal mines and mining -- Appalachian Region -- History. Company towns -- Kentucky -- Wheelwright. Community development -- Kentucky -- Wheelwright. Coal mines and mining -- Kentucky -- Wheelwright 101-1/2 text 101-1/2 2016 https://exploreuk.uky.edu/dips/xt7qnk361p0s/data/88m6/Box_309/Folder_27/5897.pdf section false xt7qnk361p0s_859 xt7qnk361p0s Q/ .
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530 American Heritabe Life Building
Jacksonville, Florida 32202
December 5, l968
Mr. Tine w. Davis
% Winn~0ixie Stores, Inc. ,
Post Office Box 2029
Montgomery, Ale. 36l03
Dear Tine:
We just got in some more copies of the revised Plat of Wheelwright, showing the
location of the buildings on the properties. For some reason the Surveyor for-
got to show the location of the Maintenance Building, with which you are familiar,
on its lot, but I think everything else is complete. This plat also shows the *
location of utility pipes For gas, water, and sewage. Note that some of them run
under the residences and may necessitate later moving, but this should be no great
problem, and we can cross that bridge when we come to it. I am sending you a
copy today.
We have some figures on the churches there, which we feel can be fully substantia-
ted as to value. The appraisals are for the churches located on the following lots:
No. lOl-l/Z (This is the Methodist Church located directly across
Main Street in front of the hotel) - - - — - - - - - $IO,600.00
- No. 220-I/2 (This is the small church on the left side of Shop
Fork Creek going out from town, and lying approxi-
mately back of the main store building) - - - - - - 8,750.00
No. 236-l/2 (For some reason a formal appraisal was not pre-
pared on this property. It is leased to a local
colored Baptist Church, which is not called
Baptist but is really one of the splinter de-
nominations, and is located at the end of Hall St.
' We have used the SRA appraisal on that one, which
we believe to be quite low) - - — - - - - - - - - » ~ 2,025.00
The big Baptist Church on the right, yofing out of tOWn toward Wheelwright Junction,
is not owned by us. The building itself is appraised at $22,500.00, but was built
by the congregation on land leased from us. We believe a fair value on that land
is at least Sl,000.00.
The total demonstrable value of these properties is thus $22,375.00, which works
out to just about $7,000.00 per church, plus $l,000.00 for the land under the church
we do not OWn. What would you think about personally buying these churches for
about $5,000.00? You could then give them to your Charitable Foundation, which in
turn could make distribution to the congregations, and you could claim a charitable
deduction for the value of the prooerty as transferred to the Foundation.
Personally, I think these valuations are very low. You may not recall the other

 churches, but I imagine you cecollect the one on Main Street (No. lOI-l/Z)
and would agree that $l0,600.00 would hardly build the steeple on it, much
less the building itself, not to mention the land on which it sits. We are
of the opinion that if you should decide to enter into this transaction, it
would probably be better not to give all the churches to your Foundation
immediately, but to time the gifts out over several months. You might want
to check with your own Counsel on that.

I have put this matter on the agenda to discuss with you at the time we meet
again, which I would suggest as being about December l8, if that would fit in
with your schedule. If that date would not be convenient, perhaps you could
select another date around that time, and let me know your wishes.

I am meeting with Charlie Grisham again on December l2, and would also like
to discuss with you the recommendations for Channel l9 when ye get together.
Please let me know your preference as to when we should meet, and I will be . I

That was a fantastic flight over from Montgomery to Jacksonville on WedneSdayl
Thanks ever so much for bringing me along.


Frank M. Arnall


 December 23, T968

Mr. Tine R. Davis

P. 0. Box 2029

Montgomery, Alabama

Dear Tine: »
I had expected to discuss with you your possible interest in acquiring
one or more of the churches at Wheelwright with the idea of later gifting
them to the Congregations, via your Foundation.

We have an appraisal on the Methodist church, as mentioned, of $TO,600,
and the Interdemominational church on Shopfonh Street in the amount of
$8,750. In addition, the land under the Baptist church is appraised as
$l,500., but is subject to a long term lease. I would not place any ap-
preciable value on it.

’ House #236% is rented to a colored religious group at $I0.00 per month.
The interior partitions have been torn out in that house and stained glass
windows installed. I don't think its worth more than a couple of thousand
dollars, and on that basis, could not reocmmend it for your consideration
at this time, especially, since we don't know whether the religious group
using it would qualify for tax deduction.

If you would like to acquire these properties (for instance, the Methodist
and Interdenominational churches), I would suggest you make an offer in
writing to Mountain Investment, Inc. and attach a check for the amount of
your offer. $5,000 might be a little high, but I would think $3,500 for

, theSe two churches would be reasonable and would show you a good gain
later when you transfer then to the Foundation.
If you follow the above procedure, we would not negotiate the check until
the time of our next meeting after the first of the year, and if it seans
best, We could back everything off at that time. I thOught you might want
to do this, however, before the end of the T968 tax year.
Frank M. ArnaII, C.L.U.

ii A tract or parcel of land lying and being in Floyd County, Kentucky
g on Otter Creek of Left Beaver Creek in the tOWn of Wheelwright and being
i Lot No. 103 including the dwelling house and appurtenance thereunto be- .
% longing located on said lot or parcel of land of the Wheelwright sub-
; division as sh0wn by first party's map or plat in file No. 348 records
a of Floyd County Clerk’s office.
-% A tract or parcel of land lying and being in Floyd County, Kentucky
E on Otter Creek of Left Beaver Creek in the town of Wheelwright and being
a Lot No. G-28 including the garage building and appurtenance thereunto .
'g belonging located on said lot or parcel of land of the Wheelwright sub—
; division as shown by first party's map or plat in file No. 3h8 records of
g Floyd County Court Clerk's Office.
. Being part of the same property conveyed to party of the first part
i by Island Creek Coal Company by Deed dated November 9, l966, and recorded
3 in Deed Book 191 at page 504, records of the Floyd County Court Clerk‘s
3 Office. . .
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