Patriot, Florida Rock to develop 4,300 acres

The directors of [tag]Patriot Transportation Holding Inc[/tag]. have approved a 50-50 real estate joint venture between its subsidiary FRP and [tag]Florida Rock Industries Inc[/tag]. to develop about 4,300 acres near [tag]Brooksville[/tag], north of [tag]Tampa[/tag]. FRP will contribute its fee interest in 3,443 acres that it leases to Florida Rock under a long-term mining lease. FRP also will reimburse Florida Rock for half the cost, about $3 million, to acquire a 288-acre contiguous parcel that Florida Rock recently bought from a third party. The 288-acre parcel will be contributed to the joint venture. Land Development Handbook (Handbook)

Florida Rock will contribute 553 acres that it owns and its leasehold interest in the 3,443 acres being mined, which the companies believe will yield more value as developable land. The joint venture will be controlled equally by the joint venture partners, and all capital contributions and distributions will be made equally.

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