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 roughly September 2027 so it can finish design and attract buyers. Council pressed staff on proof of the developer's claimed expenditures (described during the meeting as roughly $400,000) and on whether the city may use the reports if the deal fails.

Pete (staff) said the city has coordinated access for consultants and visually observed geotechnical and environmental work. Legal and staff negotiators revised the amendment to require Insight to turn over due-diligence reports to the city; the version before council made the $10,000 deposit refundable if the developer delivers the required documents. Staff said many of the vendor reports can be shown to other potential buyers even if lenders typically require new testing before financing, but having the reports would better inform subsequent purchasers.

Council members said they wanted stronger transparency and a clearer record that the developer is investing in site preparation. City staff said the amendment obligates Insight to provide assignable reports and that the intention is to protect the city’s interest and the public’s ability to benefit from work completed on the property.

Council voted to approve the amendment with the modified deposit provision and the deliverables requirement. Staff said that if Insight does not close, the contract provides that certain due-diligence deliverables would become the city’s record and any refundable deposit would be governed by the amendment’s language.

Speakers present: Matthew Grow, airport director; Pete (city staff); and councilmembers who asked for further documentation. Insight representatives were discussed in the meeting but not on the public mic.