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August 15, 2014
17:24 EDTCTOConsolidated Tomoka reports $7.8M land sale
Consolidated-Tomoka Land announced the sale of approximately 76 acres of land located on the east side of Interstate 95 at a purchase price of approximately $7.8M, or approximately $103K per acre, resulting in an estimated gain at closing of approximately $3.8M with an additional gain of approximately $400K to be recognized as certain road improvements are completed over the next six months. As part of the contractual agreement with the buyer, the company incurred approximately $2.1M in costs to prepare the pad site for vertical construction. In connection with this transaction the company received $400K from the CEO Business Alliance, a private economic development organization in Daytona Beach, as reimbursement for a portion of the pad site costs. In addition, the company expects to receive payments totaling approximately $1.1M from Volusia County, based upon certain milestones being achieved including when the distribution center receives its certificate of occupancy and the dates when specified numbers of jobs have been created at the buyer’s operations. The company believes the milestones could be reached in late 2015. Should the milestones be achieved, the estimated net gain on the sale would total approximately $5.3M.
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