Alico, Inc. applauds Gov. Ron DeSantis for signing House Bill 4041 to create the Corkscrew Grove Stewardship District

June 25, 2025 16:30 ET | Source: Alico, Inc. FORT MYERS, Fla., June 25, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO), a Southwest Florida-based agribusiness and land management company with over 125 years of experience as stewards of its lands, applauds Gov. Ron DeSantis for signing House Bill 4041. The bill, which takes effect immediately, creates the Corkscrew Grove Stewardship District, an independent special district responsible for the construction, operations and maintenance of community infrastructure in eastern Collier County. The enabling legislation was sponsored by Rep. Lauren Melo, a Naples Republican, and received unanimous support from the Collier County Legislative Delegation, the Florida House Intergovernmental Affairs Subcommittee, the Florida House Ways and Means Committee, the Florida House State Affairs Committee, the Senate Rules Committee, and the full Florida House and Florida Senate. The proposal also received unanimous support from the Collier Board of County Commissioners. The Corkscrew Grove Stewardship District will assist Alico in its efforts to effectively finance infrastructure, help restore and manage natural areas, and oversee the administration of the master planned communities and lands within the district’s boundaries. In March 2025, Alico announced the creation of Corkscrew Grove Villages in eastern Collier County. Located on approximately 4,600 acres at the northwest corner of Collier County on the border of Lee and Hendry counties, Corkscrew Grove Villages will not only provide future residents with ample opportunities to live, work and play, but also enhance public infrastructure, permanently protect thousands of acres of sensitive lands, and enhance wetlands and water resources. The plan consists of two 1,500-acre villages accompanied by more than 6,000 acres of permanent conservation area. The district, which will be overseen by a five-member Board of Supervisors, will also help facilitate collaboration and communications with local, state and federal government agencies and community stakeholders. This includes partnering with the Immokalee Water and Sewer District on the planning, design, construction and delivery of potable water and sewer to Corkscrew Grove Stewardship District residents. “We are grateful for the support of Gov. Ron DeSantis, Rep. Lauren Melo and the entire Florida Legislature,” said John Kiernan, the president and CEO of Alico. “Their approval of the Corkscrew Grove Stewardship District is not only a key milestone in implementing Alico’s strategic transformation, which thoughtfully converts select properties to well planned communities, but also in executing Collier County’s Rural Land Stewardship Area plan.” Approved by the Collier Board of County Commissioners in 2002 and spanning approximately 185,000 acres in eastern Collier County, the Rural Land Stewardship Area (RLSA) plan is an innovative, incentive-based approach to planning and implementing long-term growth in rural regions. For the past 20 years, Alico has worked closely with other Southwest Florida landowners and community stakeholders to develop and implement the RLSA plan. While the long-term vision for Corkscrew Grove Village includes two villages, Alico is currently seeking approval for the East Village as its first step. The process is anticipated to take approximately one year, with the final decision by the Collier Board of County Commissioners expected in 2026. Alico has also submitted permits to the South Florida Water Management District and the U.S. Army Corps of Engineers for both villages. Construction on the first village could begin in 2028 or 2029, if approvals are granted. For more information about Corkscrew Grove Villages, visit corkscrewgrovecollier.com. For more information about Alico, visit alicoinc.com. About Alico, Inc. Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 51,300 acres across 8 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations with respect to its Strategic Transformation; the Corkscrew Grove Stewardship District’s assistance in the Company’s efforts to effectively finance infrastructure, help restore and manage natural areas, and oversee the administration of the master planned communities and lands within the district’s boundaries; the Company’s plans to pursue commercial and residential development, including with respect to the Corkscrew Grove Villages and the timeline for development thereof; and any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “if,” “will,” “should,” “expects,” “plans,” “hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: our implementation of our planned Strategic Transformation; our plan to wind down our citrus production operations to focus on our long-term diversified land usage and real estate development strategy; our ability to secure necessary regulatory approvals and permits for land development projects, effectively manage and allocate resources to new business initiatives, attract and retain skilled personnel with expertise in diversified land usage and real estate development, navigate potential market fluctuations and economic conditions, maintain strong relationships with lenders and continue to satisfy covenants and conditions under current loan agreements and address potential environmental and zoning issues, and other challenges inherent in real estate development; our ability to increase our revenues from land usage and real estate development; adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms; risks related to our expected significant revenue shift to real estate development and diversified farming operations; our ability to effectively perform grove management services, or to effectively manage our portfolio of groves; product contamination and product liability claims; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated with a Section 1031 Exchange; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for our products; climate change, or legal, regulatory, or market measures to address climate change; Environmental, Social and Governance issues, including those related to climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting; macroeconomic conditions, such as rising inflation and the deadly conflicts in Ukraine and Israel and the Middle East; system security risks, data protection breaches, cybersecurity incidents and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and certain of the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025 filed with the Securities and Exchange Commission (the “SEC”). Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. Media Contact:Jenna Buzzacco-FoersterGravina, Smith, Matte & Arnold Marketing and PR(239) 275-5758Jenna@GSMA.pro Investor Contact:John MillsICR(646) 277-1254InvestorRelations@alicoinc.com Brad HeineChief Financial Officer(239) 226-2000bheine@alicoinc.com

Alico, Inc. applauds Gov. Ron DeSantis for signing House Bill 4041 to create the Corkscrew Grove Stewardship District

FAQ

Why Bullish?

How important is it?

Why Long Term?

Related Companies

Related News