The state of Florida has approved entering into an agreement that grants it an option to purchase approximately 10,684 acres of Alico Ranch for approximately $28.5 million. The transaction would occur under the Florida Forever program.
John Kiernan, Alico’s president and chief executive officer, said the property is on the west side of the Alico Ranch. “If exercised, we expect the state to close on the purchase by the end of our 2020 fiscal year,” he said.
Last year, the company sold approximately 5,500 acres of pristine land to Florida for permanent protection under the Florida Forever program. “These transactions are intended to preserve sensitive lands for Florida’s future, enhance protections for the Florida panther, and protect the health of the Caloosahatchee River and the Western Everglades Basin,” Kiernan said. “Because the acres involved in this potential purchase by the state are critical to the planned Alico dispersed water storage project known as Alico Northern Everglades Payment for Environmental Services, we have decided to suspend the permit approval activities for that project at this time.”
He said the company “remains dedicated to preserving Florida’s crucial water resources and intends to explore other ways to continue to partner with the state of Florida on our dispersed water storage project once this pending transaction closes.” The company will continue to support conservation and land management programs on the remaining acres of its ranch, which are currently leased for recreational hunting and cattle grazing activities, Kiernan said.
The company also recently announced financial results for the second quarter of fiscal year 2020 and the six-month period ending March 31, including some highlights regarding the company’s citrus operation. Learn more here.
Alico, Inc. primarily operates two divisions: Alico Citrus, one of the nation’s largest citrus producers, and Alico Water Resources and Other Operations, a water storage and environmental services division.
Source: Alico
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