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UTILITY BOARD TERMINATES REAL ESTATE PURCHASE AGREEMENT WITH FISH BUSTERZ, LLC

05/28/2010 ~ The Utility Board voted to terminate the real estate purchase agreement with Fish Busterz, LLC at their regular meeting on May 26th. The purchase agreement encompassed the sale of 1.03 acres of submerged bay bottom and 0.77 acres of upland property adjacent to Keys Energy Services’ (KEYS) Stock Island Generation Facility.

The Board approved the property, which is currently leased to Fish Busterz, LLC, as “excess to the needs of the utility” on March 26, 2008, and approved its sale to Fish Busterz for $5,500,100. Subsequent to the approval to sell, Fish Busterz sought a total of five addendums to delay the closing date as a result of the changing real estate market. The Board approved the first addendum on May 14, 2008, and the most recent on April 22, 2009, which set the closing date to 5:00 p.m. on April 30, 2010.

Fish Busterz did not close the transaction on the specified date and on May 12th, the Board directed KEYS’ staff to prepare a sixth addendum to extend the closing and provide additional terms and conditions. The buyer failed to respond to the receipt of the document and to sign and deliver it to KEYS prior to the May 26th Board meeting.

“The Utility Board has shown a willingness to work with the buyers from the onset in an effort to sell a parcel of land KEYS does not need and which can be returned back to our customers in the form of a revenue,” said Lynne Tejeda, KEYS’ General Manager & CEO. She added that, “with their failure to respond to the most recent addendum, the Board sought to terminate the agreement in an effort to bring closure to the process.”

As per the terms of the purchase agreement, KEYS will retain a $500,000 deposit from Fish Busterz. Additionally, Fish Busterz will continue to lease the property, set to expire September 30, 2010, from KEYS as the lease was not tied to the purchase agreement.

The regular meeting of the Utility Board took place at 5:00 p.m., Wednesday, May 26th, in the Louis Carbonell Board Room of the William Arnold Service Building, 1001 James Street, Key West.

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