What to know about a new car dealership deal

A new car dealer deal in Tampa may not be as exciting as a new condo, but it may be worth the wait.

The Tampa Bay Times reports that a $15 million car dealership in Tampa, Florida, was sold for $10.6 million on Thursday.

The deal was approved by Tampa-St. Petersburg Municipal Court Judge Joseph L. Zullo.

The dealership will open in July.

The sale price was reported as $10 million, with the city of Tampa agreeing to pay $1.6 billion in a joint venture with Citibank and the Federal Deposit Insurance Corp.

The financing agreement includes a $10,000 loan to be paid in full at closing.

The Florida Highway Patrol also will pay $500,000 to secure the deal, which is expected to be completed by June 30, according to the Tampa Bay Express-News.

The new dealership will be located in the former Stetson Hills shopping center, and is slated to have about 2,000 employees.

The news comes just weeks after Citibanks deal to purchase the former Tampa International Airport, which was shuttered in July 2015, for $2.6-billion.