Accord with AIA investors bolsters county’s rights

LABELLE — Several provisions were added to the already voluminous purchase and sale agreement among Hendry County, Airglades International Airport LLC (the investor group making the purchase), the Federal Aviation Administration and the Florida Department of Transportation.

County Attorney Mark Lapp gave the county commissioners a concise summary at their June 18 meeting, excerpted here.

• The county’s rights to access the property to operate the airport in the event that operation of the airport is interrupted as a result of AIA becoming insolvent were substantially revised.

• The amount of the Hilliard property over which AIA has an option to purchase was increased from 250 acres to 305 acres, and county easement rights to the additional land is secured should AIA become insolvent.

• The Baron lease “truck stop” parcel was added back into the sale property.

• Hendry County is granted an easement over AIA property for installation, operation and maintenance of a force main if the county is able to obtain funding for one.

• The county easement agreement for Airglades Boulevard, which the county will continue to use for access to the three landfills nearby of which it is retaining ownership, specifies that AIA is responsible to maintain the road unless it ceases to use it, which the county would take over.

• Subordination provisions were changed to make some of the county’s rights not subordinate to the interests of AIA’s lenders.

• Several lists contained inside the agreement were updated, including the Capital Improvement Plan and the Airport Layout Plan; lessees; contractors; airport tangible personal property; and grant agreements.

Chris Felker can be reached at cfelker@newszap.com

You are encouraged to leave relevant comments but engaging in personal attacks, threats, online bullying or commercial spam will not be allowed. All comments should remain within the bounds of fair play and civility. (You can disagree with others courteously, without being disagreeable.) Feel free to express yourself but keep an open mind toward finding value in what others say. To report abuse or spam, click the X in the upper right corner of the comment box.

Facebook Comment