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Consents to Assignment of Ground Leases for Change of Ownership From Centennial Bank to ADW2, LLC, for Lot Nos. 58 and 59 of Airport Industrial Park Unit 1, Located at Brooksville-Tampa Bay Regional Airport
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BRIEF OVERVIEW
Sho-Me Nutriceuticals Acquisition Company (“Sho-Me”) and the County entered into a Ground Lease for Lot 58 (unaddressed) on November 6, 2001, and Lot 59 (15431 Flight Path Drive) of Airport Industrial Park Unit 1 on March 13, 2001. On August 21, 2012, a Consent to Mortgage was executed with Florida Traditions Bank (Sho-Me’s lender). Subsequently, Centennial Bank became the mortgagee as Florida Traditions Bank’s successor-in-interest by merger.
On September 5, 2019, Centennial Bank sued Show-Me to foreclose its mortgage on the Ground Lease improvements. Centennial Bank has now entered into an agreement to sell the improvements to ADW2 LLC and is seeking consent to assign the leases.
This Consent to Assignment was originally brought to the BOCC and approved on January 23, 2024 (LS #13444). However, they were unable to close in the timeframe required by the consent documents. They are requesting that the Board again approve both Consents to Assignment allowing an additional 60 days to finalize the sale.
FINANCIAL IMPACT
There is no financial impact to the Airport.
LEGAL NOTE
In accordance with Part II, Chapter 2, Article V of the Hernando County Code of Ordinances.
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RECOMMENDATION
The Airport recommends the Board approve and authorize the Chairperson’s signature on the attached Consents to Assignment of Ground Lease for Change of Ownership from Centennial Bank to ADW2, LLC for Lots 58 and 59, Airport Industrial Park Unit 1.