The Charleston County Aviation Authority has agreed to sell 320 acres to the Boeing Co. for $12.5 million, reports Charleston Business. The aviation authority board voted 8-3 to approve the sale price. Board Chairman Andy Savage and board members Larry Richter and Mallory Factor voted against the approval. The proposal now goes to the Federal Aviation Administration for approval.
“We believe that the average appraised price as agreed to by the parties provides the accurate fair market value return to the (aviation authority),” said Tim Deaton, spokesman for Boeing, in an email. “While Boeing does not have specific plans for the property, the acquisition will provide strategic land for possible future use.”
In February, the aviation authority and Boeing ordered a second round of appraisals for the land because both sides couldn’t reach an agreement on the first appraisals and those appraisals differed by more than 10%.
On Jan. 29, the Land Sale Special Committee recommended that the aviation authority sell the land to Boeing based on the price in the authority’s first appraisal. After that meeting, Boeing sent the committee a draft letter, prompting the February committee meeting.
In December, Boeing approached the aviation authority board with a presentation about its interest in several hundred acres of airport property.
After the Boeing presentation, the aviation authority board approved a resolution to begin the negotiations for the land acquisitions. The deal would include land purchases of 320 acres of airport property, rights of first refusal for an additional 488 acres and a purchase option in 2025 for Boeing South Carolina’s main campus, which is 265 acres. Read More.