Is Another Unsolicited Offer for OLF-8 Coming---and Can the Board Just "Sell" This Property to Whomever they Choose?

There may very well be another unsolicited offer coming for the county's OLF-8 property....

I was contacted by and spoke with another individual yesterday who expressed significant interest in OLF-8. Last Saturday I was called by a different individual--- and that group subsequently has offered the county as much as $16 Million for 400 acres of the OLF-8 field.

The new caller yesterday expressed similar interest in the property--he indicated that he and his other unnamed partners are seriously interested.

But he also wanted to know what the process was and could the county just "sell" the property to the first party that offered them a good price?

It was a question I did not have a ready answer for, so I spoke with County Attorney Alison Rogers to understand, legally, how we could sell this property if we so chose.  

There appears to be more than one way to do it.

According to our attorney, the board can lease or sell the property fee-simple to an individual or business entity directly under certain conditions--but some legislative findings would have to be made by the board prior to the sale and added to a resolution of the board that would need to be approved prior to the transaction closing.  It would also require a compelling public interest which could be in the form of economic development stipulations with benchmarks and measurable metrics.  For an example of a deal structured like this look no further than the deal we struck with Navy Federal Credit Union to sell that entity 98 acres of OLF-8 last year for $4.2 Million Dollars AND some specific additional conditions that included an additional 300 good jobs to be created.  

Another way to sell the property, the cleanest way according to our attorney, is to declare the property excess and sell it to the highest bidder in a competitive bidding process.

Perhaps a more complex, third way to transfer the property would be through a hybrid public/private venture --- where the board would put out conditions/stipulations and request letters of interest/intent based upon the wishes of the board as to the use of the property. (e.g. "only commercial development", or "no more than "X" percent residential permitted," or something along those lines to be negotiated)

So yes, the board has some power to sell this via a couple of different ways according to our attorney.

As the call with this recently interested party ended---I got the distinct impression that there was/is significant interest among this new group in the county's OLF-8 property--particularly if the Board signals interest in entertaining such offers.

As I said to the PNJ in their article the other day about the first off--that offer from Tuesday of $16 Million seems light.

So is another unsolicited offer for OLF-8 coming soon?  

I guess we will see.  One thing is certain....There is GREAT interest in this property.