Sarasota Bradenton International Airport is offering to sell about 30 acres of its land to New College of Florida for $11.5 million, even as the airport is growing fast, having tripled its passenger traffic in just five years, according to officials.
A whistleblower with close knowledge of the deal being proposed said it is not in the best interest of the airport, and raised questions about the low price of the offer.
New College has been leasing the land from the airport for decades and has constructed buildings on the property. The deal ends a lease that would not otherwise expire until 2056.
"Why would the airport sell land that they may need someday in the future? And why would they sell it for maybe half what it's worth to them, fair market value?" said John Schussler, who worked at the airport managing properties and leases until he retired in 2018.
New College of Florida is on a 100-year term lease. When that expires some 33 years from now, Schussler said the airport would own any buildings on the land.
Schussler said the current deal gives away the airport's stake in the buildings, meaning the $11.5 million sale price should be higher, he said.
"I think it would be a big number that would perhaps double the sales price," said Schussler.
Sarasota airport president Rick Piccolo acknowledged that the sale price accounts for the appraisal done on the land only, not the dormitory buildings, but denied any political influence in the move to sell.
"Under the law, we have to get fair market value. So there's there's nothing nefarious here at all. And frankly, I take some umbrage with even the insinuation," Piccolo said.
Piccolo said the college leases about 33 acres from the airport for $108,000 a year, which is far below the value.
"So why not turn lemons into lemonade, give them some future assurances? The airport authority picks up a lot more money to help with capital programs. And our master plan identifies that we don't need the land anyway," said Piccolo.
The New College's Board of Trustees approved the purchase at a meeting on Thursday.
"As an attorney for New College, I love the fact that we're getting a great deal and a well-negotiated deal," said Bill Galvano.
He also added that the deal is far from sealed.
"Once this agreement becomes effective, there's a 90-day inspection for test, title review, etc," Galvano said.
"So this is not something that's getting ready to close next week, but we've made significant, significant progress."
Federal aviation authorities also have to approve the deal, before it can proceed.
