Babcocks say no to state

Reject $455M offer for 91,000 acre Babcock ranch babcock ranch In a move that may have serious ramifications for the future development of SW Florida, the Babcock family turned down the latest offer from the state for their 91,000 acre ranch. The 91,000 acre ranch represents an area approximately the size of Cape Coral, Florida's second largest city. The ranch is home to many protected animals and plant life and provides a filter for groundwater that ultimately flows into the Caloosahatchee River. Babcock Ranch which straddles both Lee and Charlotte Counties has been eyed by developers to create a town of about 20,000 new homes. At this time there is a gap of about $25M between the price the state is willing to pay and what the Babcock family will accept. Additionally, there are some difficult deal structure issues associated with the tax burden on the Babcock family. Hopefully, these gaps can be bridged to protect this remaining piece of solitude in SW Florida for future generations. Babcocks say no to state [News-Press]

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