Wednesday, May 11, 2011

LaBelle's Alico Moving Headquarters To Lee County

Alico Closing Down LaBelle Office

LABELLE, FL. -- Alico, a large land management company based in LaBelle, Florida for many years, has announced in it's latest quarterly filing with the Security and Exchange Commission a relocation of it's principal office from LaBelle to Fort Myers.

It will relocate to 10070 Daniels Interstate Court, Fort Myers, FL 33913, during the third quarter of fiscal 2011.

Alico is a land management company operating in Central and Southwest Florida, it's primary asset is 139,607 acres of land located in Collier, Glades, Hendry, Lee and Polk Counties.

The company is involved in a variety of agribusiness pursuits including citrus groves, sugarcane production, cattle ranching, forestry, land leasing and rentals, rock and sand mining and real estate sales activities.

It's operations include:
Bowen operations including harvesting, hauling and marketing citrus for both Alico and other growers in the State of Florida. Bowen's operations also include the purchase and resale of citrus fruit.

Citrus Grove operations consist of cultivating citrus trees in order to produce citrus for delivery to the fresh and processed citrus markets in the State of Florida.

Sugarcane operations consist of cultivating sugarcane for sale to a sugar processor.

Cattle operations primarily include the production of beef cattle and the raising of replacement heifers.

The Real Estate segment is engaged in the planning and strategic positioning of all Alico land, which includes seeking entitlement of  land assets in order to preserve rights to develop the property in the future and negotiating and renegotiating sales and options contracts.

Alico's leasing segment rents land to others on a tenant-at-will basis for grazing, farming, oil and mineral exploration and recreational uses.

In May 2010, Alico invested $12.2 million to obtain a 39% equity interest in Magnolia TC 2, LLC  whose primary business activity is acquiring tax certificates issued by various counties in the State of Florida on properties which have property tax delinquencies.

In the State of Florida, such certificates are sold at general auction based on a bid interest rate. If the property owner does not redeem such certificate within two years, which requires the payment of delinquent taxes plus the bid interest, a tax deed can be obtained by the winning bidder who can then force an auctioned sale of the property. Tax certificates hold a first priority lien position on these properties.

Magnolia recognizes revenue when the interest obligation under the tax certificates it holds becomes a fixed amount. In order to redeem a tax certificate in Florida, a minimum of 5% of the face amount of the certificate (delinquent taxes) must be paid to the certificate holder regardless of the amount of time the certificate has been outstanding. Magnolia has recognized the minimum 5% earnings on its tax certificate portfolio. Expenses of the fund include an acquisition fee of 1.0%, interest expense, a monthly management fee and other administrative costs.

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