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:
Where can I read this entire letter?
ReplyDeleteThe real question though is what are they going to do with it. A big subdivision with no job creation?
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ReplyDeleteThe county should stick to the original plan and make it a high tech commerce park and pursue the Triumph grant for 30 million or so to add to the value of our public land investment.
The people who live there will pressure D1 commissioner to sell it. They want a town square park.
Hemmer contributed to d2 campaign and d2 will bloviate to do him a real estate favor lus probably get in on appraisal dealing and try to make d1 look bad, Same ole story narrative that has been trying to be pushed. Certain citizens and f/b group and coalition been in cahoots with d2.
4 to 1 vote again
and people will try to make our next appointed school superintendent look bad and screw up his re election because they want mixed use development
Commerce park and Bergosh..all the way to the bank and a home-run for all except the NIMBYs and bought and sold self interested d2.
follow the money, check those last minute campaign contributions in October 2018.
Just say no to the offer to sell it to Hemmer or any other bidder. It belongs to the people of the entire county not d1 and we need economic development not related to tourism or the military and a more thriving economy in the county.
Both of these offers are at the very preliminary stage. And I, too, supported job creation at the field bacause we don't need any more residential construction out here in Beulah--we have too much already for our roads. But if both of these offers turned into sales--we would recoup all of the $17.5 Million we have put into the land swap with the Navy PLUS an additional almost $5 Million! All of those proceeds would go directly back into the LOST funds from which they came meaning that we could do infrastructure projects all over the county which would also benefit all the residents of Escambia County. And if we did nothing else with this swap but that (plus making the military aviation mission in NW Florida more resilient to BRAC--then we have done a great thing! But again, we are in the very early stages, let's see what transpires.
ReplyDeleteI don't think having the field in Santa Rosa really makes naval aviation any more resilient to BRAC than it was before. And to trade this for essentially 5 million? Know when to hold em, know when to fold em..
ReplyDeleteHow about just stop throwing away 1 million here, two million there. The additional homestead exemption didn't pass, we should be ok. Get the money into the coffers from PB properties and use this investment wisely.
I am beginning to wonder about the Triumph board and RESTORE money to help out the county though, seems they want to show a measured result. Wouldn't it be great if a another investor wanted to buy that property instead of a mixed use residential type, low return on investment scenario?
Even Walt Disney or Casino's or SOMETHING. I hope the county does NOT make the land Surplus and take this first offer and sell off the entire chunk then have no control over it, except via developmental review.
Keep it.