D’IVERVILLE — D’Iberville officials have agreed to sell the Ocean Expo site along Interstate 10 to Ramco Real Estate for $7.6 million.
The Sun Herald reports Wednesday the sale sets up a scenario, where one deal leads to another.
Ramco, owned by D’Iberville developer and auto dealer Robert Mandal Jr., put down a $25,000 deposit and has a 6-month option to buy the 8-acre site. Once the company exercises its option, it has 60 days to close the cash sale.
The city will provide $2 million in bonds to Mandal to build two auto dealerships on the site.
The auto dealerships are expected to provide $600,000 in annual sales tax revenue.
The city had one other offer on the property of $6.5 million and a proposal to sell the land at auction.
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