Officials say CCA property closing near despite $2.5M access dispute; BBX proposes $1M cost share

Town officials told the Town Council that the sale of the CCA property (to BBX Capital/Alman U) is close to completion but remains contingent on two unresolved items: an environmental determination relating to wetland mitigation and a road-access dispute with an adjacent developer.

Keith (staff) said the neighboring developer built a private road through its industrial site and is seeking roughly $2.5 million for the town or developer to use that access. BBX Capital told town negotiators it needs cost-sharing to make the project financially viable; BBX proposed a $1 million contribution from the town, to be deducted from the center's gross revenue distributions over five years at an 8% interest rate so the overall operating model remains workable.

"We need a million dollars to make the numbers work," a town official said, explaining that the contribution would be recouped from gross revenue and would allow the project to proceed to closing. BBX reportedly also agreed to record a voluntary 75-year restriction prohibiting residential uses on the property; officials said the bank supporting the deal prefers that covenant.

Town staff said they are awaiting final legal documents and a decision from the appropriate environmental authority on whether the Army Corps of Engineers must be involved in wetland mitigation. Officials cautioned that those two items need resolution before closing can occur.

Council members asked clarifying questions and staff said they would share the legal documentation when available. No formal vote or town funding appropriation occurred at the meeting; officials described the proposal as under negotiation and awaiting formal agreement.