Consolidated Tomoka Announces Settlement with St. Johns River Water Management District
DAYTONA BEACH, Fla.--(BUSINESS WIRE)-- Consolidated-Tomoka Land Co. (NYSE MKT: CTO) announced settlement of the administrative litigation with St. Johns River Water Management District (the "District"), which dates from 2010.
Pursuant to the settlement, the Company deeded approximately 665 acres of undeveloped land to the District. These acres are a portion of undeveloped land that the Company originally acquired in 2003 for the purpose of wetland mitigation. The Company previously recorded the cost of this settlement in 2012 and does not expect the settlement to further impact earnings.
John P. Albright, President and Chief Executive Officer of the Company stated, "We look forward to a productive future relationship with the District."
About Consolidated-Tomoka Land Co.
Consolidated-Tomoka Land Co. (NYSE MKT: CTO) is a Florida-based publicly traded real estate company, which owns a portfolio of income properties in diversified markets in the United States as well as over 10,000 acres in the Daytona Beach area. Visit our website at www.ctlc.com.
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements. The words "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions and variations thereof identify certain of such forward-looking statements, which speak only as of the dates on which they were made. Forward-looking statements are made based upon management's expectations and beliefs concerning future developments and their potential effect upon the Company. There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management.
Consolidated-Tomoka Land Co.
Mark E. Patten, 386-944-5643, Fax: 386-274-1223
Sr. Vice President & Chief Financial Officer
KEYWORDS: United States North America Florida
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