School Board Reconsiders, Sells Old Warehouse for $2 Million
What initially appeared to be a straightforward deal evolved into a transaction yielding less revenue than anticipated for the old warehouse property.
Earlier this year, School Board members agreed to sell the site near Downtown Ocala for $2.4 million. The winning bidder, One Remmington LLC, approached through a third party. Subsequently, the bidder reduced its offer and presented two scenarios for the Board's consideration.
The buyer claimed the old warehouse required $519,213 in repairs, prompting them to lower their offer to $2 million as the first amendment.
The second scenario proposed the School Board finance the deal, allowing the buyer to pay $400,000 at closing and have the Board finance $1.7 million through a one-year note at eight percent interest, with a balloon payment at the end of the term. This seller financing deal would be for $2.1 million.
Board members rejected the seller financing offer and unanimously voted to sell the property for $2 million, still above the listing price and appraised value.