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COMMITMENTS AND CONTINGENCIES (Tables)
3 Months Ended
Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES  
Schedule of potential land sales transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

No. of

 

Amount

 

Price

 

Estimated

 

    

Transaction (Buyer)

    

Acres

    

($000's)

    

per Acre

 

Timing

1

 

Commercial/Retail - O'Connor - East of I-95 (2)

 

 123

 

$

 29,250

 

$

238,000

 

'18 - '19

2

 

Residential (AR) - Minto Communities - West of I-95

 

 1,614

 

 

 26,500

 

 

16,000

 

Q4 '18

3

 

Residential (SF) - ICI Homes - West of I-95

 

 1,016

 

 

 21,000

 

 

21,000

 

'19

4

 

Mitigation Bank - BlackRock - West of I-95 (1)

 

 2,492

 

 

 15,300

 

 

6,000

 

Q2 '18

5

 

Mixed-Use Retail - North American - East of I-95 (3)

 

 35

 

 

 14,362

 

 

 409,000

 

Q4 '18

6

 

Residential (Multi-Family) - East of I-95 (4)

 

 45

 

 

 5,200

 

 

116,000

 

Q3 '18 & '20

7

 

Distribution/Warehouse - VanTrust - East of I-95

 

 71

 

 

 5,000

 

 

70,000

 

'19

8

 

Commercial/Retail - East of I-95

 

 20

 

 

 4,250

 

 

213,000

 

Q4 '18 - '19

9

 

Residential (SF) - West of I-95 (5)

 

 200

 

 

 3,324

 

 

17,000

 

Q4 '18 & '20

10

 

Commercial/Retail - East of I-95

 

 9

 

 

 3,300

 

 

367,000

 

Q4 '18

11

 

Commercial/Distribution - VanTrust - East of I-95

 

 26

 

 

 3,215

 

 

124,000

 

Q4 '18 - '19

12

 

Auto Dealership - West of I-95

 

 13

 

 

 2,000

 

 

154,000

 

Q4 '18

13

 

Commercial (RV) - West of I-95

 

 164

 

 

 1,900

 

 

12,000

 

'19

14

 

Residential (SF) - ICI Homes - West of I-95

 

 146

 

 

 1,400

 

 

10,000

 

Q4 '18

15

 

Commercial/Retail - East of I-95

 

 8

 

 

 782

 

 

98,000

 

Q4 '18

16

 

Commercial/Retail - East of I-95

 

 6

 

 

 625

 

 

104,000

 

Q4 '18

17

 

Commercial/Retail - West of I-95

 

 19

 

 

 285

 

 

15,000

 

Q4 '18

 

 

Total (Average)

 

 6,007

 

$

 137,693

 

$

23,000

 

 


(1)The amount for the Mitigation Bank represents the amount for buyer’s acquisition of approximately 70% of the joint venture that owns the Mitigation Bank, with the Company retaining 30%.

(2)Land sales transactions which require the Company to incur the cost to provide the requisite mitigation credits necessary for obtaining the applicable regulatory permits for the buyer, with such costs representing either our basis in the credits that we own, or potentially up to 5% - 10% of the contract amount noted.

(3)Pursuant to the contract, amount includes the reimbursement of infrastructure costs incurred by the Company for Tomoka Town Center plus interest accrued as of March 31, 2018.

(4)The acres and amount include the buyer’s option to acquire approximately 19 acres for approximately $2.0 million, in addition to the base contract of approximately 26 acres for approximately $3.2 million.

(5)The acres and amount include the buyer’s option to acquire approximately 71 acres for approximately $574,000, in addition to the base contract of approximately 129 acres for approximately $2.75 million.