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City council approves sale of Rollerson Ranch property to K. C. Patel agreement after lengthy debate
Summary
Council approved an agreement to sell the Rollerson Ranch property for $5.4 million to entities associated with Dr. K. C. Patel to develop a College of Trade and Technology and related uses; the contract includes a 20-year taxable-use requirement and a clause setting conditions if the buyer deems the college economically nonviable.
After extended questions from council members, the City of Temple Terrace on Sept. 20 approved an agreement to sell the Rollerson Ranch property to a buyer affiliated with Dr. K. C. Patel for $5,400,000.
City Attorney Pam Sichone summarized the process and said the city received four qualifying sealed bids and that the council earlier selected Dr. Patel's proposal. The proposed purchaser will take title via Terrace Real Estate Holdings LLC and earlier…
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