Consolidated-Tomoka Land Co. (NYSE MKT: CTO) (the “Company”) today
announced that its approximately $4.7 million claim for un-reimbursed
road costs and accrued interest, which was subject to a judgment from
2012, has been satisfied through the successful foreclosure of
approximately 600 acres of land. The Company originally sold the land to
a residential developer in 2004. The Company believes that the
property’s proximity to the Company’s LPGA International golf club, the
USTA’s tennis facility, Champion Elementary School, and I-95 and I-4
makes the property attractive as a residential community development.
John P. Albright, President and Chief Executive Officer of the Company,
stated, “We are pleased to have finally achieved a successful outcome
from the four years of litigation and excited to offer this parcel for
development. The residential market is active and we expect that many
developers will be interested in purchasing this land for residential
development.”
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) is a Florida-based publicly
traded real estate company, which owns a portfolio of income properties
in diversified markets in the United States as well as over 10,000 acres
of land in the Daytona Beach area. Visit our website at www.ctlc.com.
"SAFE HARBOR"
Certain statements contained in this press release (other than
statements of historical fact) are forward-looking statements. The words
“believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,”
“could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,”
“project,” and similar expressions and variations thereof identify
certain of such forward-looking statements, which speak only as of the
dates on which they were made. Forward-looking statements are made based
upon management’s expectations and beliefs concerning future
developments and their potential effect upon the Company. There can be
no assurance that future developments will be in accordance with
management’s expectations or that the effect of future developments on
the Company will be those anticipated by management.
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