The Mormon Church Is Becoming Florida's Private Largest Landowner – With Nearly 2% Of Its Landmass [View all]

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http://www.businessinsider.com/mormon-church-florida-land-2013-11



ORLANDO, Florida (Reuters) - The Mormon church is poised to become the largest private landowner in Florida as a result of a deal to buy nearly 400,000 acres in the state's Panhandle region.

The property is mostly timberland, and the church "intends to maintain timber and agricultural uses of the lands," according to a statement released by St. Joe Company, a Florida real estate firm.

The signed sales agreement with the church's company, AgReserves Inc., for $565 million is subject to regulatory and shareholder approvals, according to the statement. The company expects the deal to be finalized in the first quarter of 2014.

Paul Genho, chairman of AgReserves, Inc., in St. Joe's statement, described the entity as a "tax-paying affiliate of The Church of Jesus Christ of Latter-day Saints," also known as the Mormon church.



Read more: http://www.reuters.com/article/2013/11/08/usa-florida-mormons-idUSL2N0IT2AZ20131108#ixzz2k9bDg0H1