We haven't even taken title to this property (OLF 8 in Beulah) yet from the Navy.
And already Navy Federal Credit Union has offered us $4.2 Million for 100 acres.
Today, a private development partnership has sent a written letter of intent to purchase the remaining 530 acres (the portion NFCU is not purchasing) for $18 Million.
This is intriguing, and this would put us firmly in the "black" ($4.7 Million to the good) on this property if we move both of these offers forward and convert these offers into sales.
In order to complete the transactions, our attorney has clearly articulated that we would have an obligation to surplus any property and offer it for purchase to the highest bidder before simply acting on an unsolicited offer from an outside group. Obviously we will follow the law with respect to whatever we end up doing with this property.
It is intriguing. I'm certain this issue will be discussed this week when the board meets. I look forward to these discussions. See the LOI we received below:
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