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Alico, Inc. (NASDAQ:ALCO) announced that on Monday the Corkscrew Grove Stewardship District, a special district chaired by Alico’s CEO John Kiernan, entered into a locally funded agreement with the State of Florida Department of Transportation (FDOT). According to a press release statement and SEC filing, the agreement outlines Alico’s commitment to provide $5,071,439.33 to FDOT for the construction of a wildlife-crossing culvert and the elevation of State Road 82 in eastern Collier County.
The agreement requires the funds to be deposited within fourteen calendar days of execution. Additional funds will be advanced if project costs increase, and FDOT will refund any excess if final costs are less than the total deposits. The agreement remains in effect until the project and FDOT’s final accounting are complete, with provisions for early termination as specified in the document.
The wildlife crossing and road elevation are among the first steps in implementing a planned wildlife corridor as part of the Corkscrew Villages Project. The Stewardship District, established in June, was created to help finance infrastructure and manage natural areas and master planned communities within its boundaries, supporting Alico’s development efforts.
Alico stated that the full text of the agreement will be filed with its upcoming annual report for the fiscal year ended September 30, 2025. All information is based on the company’s press release and SEC filing.
In other recent news, Alico Inc. reported its third-quarter earnings for fiscal year 2025, revealing a substantial miss on both earnings per share and revenue compared to analyst forecasts. The company posted an EPS of -$2.39, significantly below the expected -$0.35, and revenue of $8.39 million, which was far less than the forecasted $16.9 million. Despite these results, Alico’s stock experienced a rise, indicating investor confidence in the company’s strategic transition. Additionally, Alico amended its credit agreement with MetLife Investment Management, securing $10 million in additional fixed-rate borrowings, which allowed the company to retire all existing debt with Prudential Mortgage Capital Company. This refinancing move eliminates $1.16 million in annual mandatory principal payments. In another development, Freedom Capital Markets initiated coverage on Alico with a Buy rating and a price target of $44, suggesting a potential upside of 31%. These recent developments highlight Alico’s ongoing transformation efforts, including its shift away from citrus production toward diversified agriculture and real estate development.
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