Airport Authority OKs $12.5M land sale to Boeing
NORTH CHARLESTON, S.C. (WCIV) - The Charleston County Aviation Authority on Thursday morning agreed to sell more than 300 acres of land to Boeing for $12.5 million.
The proposal now goes to the Federal Aviation Administration for approval.
A Boeing representative said Thursday afternoon that the aviation company was happy with the decision by the board.
"We are pleased that the Charleston County Airport Authority Board approved the sale of 320 acres of airport land to Boeing," said the representative. "We believe that the average appraised price as agreed to by the parties provides the accurate fair market value return to the CCAA."
Boeing's representative said the company did not have plans for the land currently, but it will allow the company to "provide strategic land for possible future use."
Late last year, Boeing approached the CCAA with a plan to purchase the land and entered into negotiations.
The deal not only includes the 320 acres approved Thursday, but also includes rights of first refusal for another 488 acres and an option to purchase the land where Boeing's main campus sits.