Punta Gorda could extend deadline for Fishermen’s Village improvements

Author: Nancy Semon, Gulfshore Business
Published: Updated:
Credit: Fishermen’s Village

Punta Gorda City Council will decide May 15 whether to grant Fishermen’s Village, now in receivership, a deadline extension to complete improvements to the property or to take it back. 

If Council doesn’t provide additional time for receivers to complete improvements agreed to in 2018, Punta Gorda could take steps to have the property transferred back to the city, Punta Gorda Assistant City Manager Melissa Reichert said. 

“According to the acquisition agreement, Fishville would then have the right to lease the reverter parcels pursuant to a ground lease with a term of 99 years and an initial annual lease payment of $203,100, adjusted thereafter by a formula provided in the agreement,” she said. 

A reverter clause refers to the right of the grantor to possess property in the future if a certain condition isn’t met. 

Buyer Jonathan Larmore, CEO of Arizona-based Arciterra Companies LLC, entered into the agreement with the city to make certain improvements to the property within five years, including construction of a parking lot adjacent to Fishermen’s Village. 

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