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City to buy back undeveloped land purchased by Koch Foods

November 8, 2018

GAINESVILLE, Ga. (AP) — A Georgia city has voted to buy back land Koch Foods purchased but never developed.

The Gainesville Times reports the Gainesville City Council unanimously voted Tuesday to buy the 41 acres (16 hectares) the Illinois-based poultry company bought in 2006. Koch purchased the property for $1.6 million and agreed to start developing it within two years. Gainesville has granted Koch four development extensions since then.

The final extension awarded in 2013 required Koch to develop the land by August 2014. That deadline passed, and the city sued the company for breach of the real estate contract. The city will use $1.8 million from its economic development fund to buy the land. City Manager Bryan Lackey says the city will work to find another company to take over the site.

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Information from: The Times, http://www.gainesvilletimes.com

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