Lakeland officials expressed interest in purchasing 31 acres near Lakeland International Airport which was meant to become a housing development.
The City Commission voted unanimously Monday to purchase 31 acres of vacant land from Morgan Creek Properties LLC for the purpose of expanding the municipal-owned airport. The property is located at about 4250 Medulla Road, south of the airport.
“This gives us an opportunity. If we let it go by us today, once it’s made into homes, it’s never coming back,” Airport Director Kris Hallstrand said.
The city will have a 45-day due diligence period to survey the proposed purchase site and conduct any inspections necessary to ensure the land is suited for the city’s intended use. Lakeland will have to notify Morgan Creek before 45 days are up whether it wishes to terminate its agreement or purchase the property. If it decides to purchase, the sale of the land will close within 10 days.
The potential $2.85 million sale will be financed by the city through an internal loan. The airport will repay the city at $200,000 a year for 10 years before making a balloon payment of $1,725,000 at the end of the loan.
The Aerospace Center for Excellence, or ACE, has expressed an interest in leasing this section for $50,000 annually to support its year-round operations. This would serve as another revenue source for the city.
“I know Sun ‘n Fun has big plans already for that parcel, it’s going to really help their campus and the future of our aviation programs,” Hallstrand said.
ACE and Sun ‘n Fun are in the process of creating a new master plan for the next 50 years, as the airport’s future plans to build a parallel runway will displace some of its current buildings, rendering some of their space unusable, Hallstrand said.