Navy Federal Credit Union Revises Offer for Land Purchase at OLF 8

Escambia County has received a revised letter of intent from Navy Federal Credit Union for the purchase of a portion of the OLF 8 property in Beulah. This letter of intent to purchase 84 acres from Escambia County includes less frontage on 9-Mile road and less acreage overall (see illustration above).  Additionally, the new LOI's offer to purchase is priced at the average of our two recently received appraisals on a per-acre basis.  See the complete LOI below.  The creation of a minimum of at least 300 additional jobs by NFCU at their Beulah campus will be an additional consideration required by the BCC for this sale to occur.  I am hopeful we can get this transaction done in very short order.