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Council extends airport purchase option after lengthy due-diligence discussion
Summary
The council approved a one-year extension (with an additional optional period) to Insight Real Estate’s purchase-and-sale contract for 115 acres at the Ocala International Airport, and amended the contract to require turnover of due-diligence deliverables to the city; council debated deposit terms and whether the city can use vendors' reports.
The Ocala City Council on Nov. 4 approved a first amendment to the May 2024 purchase-and-sale contract with Insight Real Estate Investment Properties, LLC that extends the city's agreement for a period beyond the original term to provide Insight additional time to complete civil design and secure end users.
Airport Director Matthew Grow told council Insight has invested in environmental studies, surveys, geotechnical borings and utility coordination. Insight requested a one-year extension (beyond the option exercised through May 2026) to run to…
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