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| Upon approval of the MOA with NFCU on Thursday and the subsequent sale of 98 acres of OLF 8 to NFCU, County taxpayers will recoup $4.19 Million of the nearly $18 Million spent acquiring OLF 8 from the Navy. |
Although I had hoped to get the MOU approved last Thursday night and that did not happen--It appears as if we will get the deal approved tomorrow morning that will allow for the sale of 98 acres of our 636 acre OLF 8 field to NFCU.
And with this deal getting approved we will begin the process of recouping nearly $18 Million Dollars that the county expended in acquiring OLF 8 from the Navy earlier this year.
The process was long, and once this field is master-planned and developed--I believe the taxpayers of Escambia County that financed this purchase will more than be made whole. In fact--I do not believe it to be outside of the realm of reality that we double the money we spent to get this field once we develop it. We have actually had one offer to purchase the entire field for more than what we have invested thus far! (we did not act on that offer)
Additionally, if we are intelligent with the way we develop this field, we will be able to receive a Triumph Gulf Coast grant for as much as $30 Million Dollars in additional funding so long as we create at least 1,000 good jobs with this property--which I have every confidence we can and will do.
So the future is bright and getting brighter all the time as it pertains to Escambia County's ownership and control of this property. It will create jobs, it will provide amenities for the Beulah Community and for the employees of NFCU as well as the county as a whole.
This process, the process of getting all the peoples' money back, begins with tomorrow's vote to approve this MOA with NFCU.
Upon approval of the MOA Thursday, the property sales transaction will close and Escambia County will be paid $4,192,000.00. These proceeds will be credited back to the LOST fund (s) from where they came originally---and these funds can be utilized by the BCC to fund much needed infrastructure projects throughout the county.
Tomorrow is step one, and tomorrow is a big day.
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