More news on the potential deal for the land swap of the Ocean Breeze/Boca Teeca golf course for the city's current golf course located west of the turnpike, as the city council will be reviewing the various offers for the current golf course, including the revised Lennar offer that includes the swap of the 2 golf course properties, plus over $30 million in cash. But, there are several others offers also under consideration as detailed on the city's agenda for this meeting.
There will be an opportunity for public comments before this issue is discussed by the council members, so if you are able to attend and would like to provide your support for this general concept of swapping golf courses, then this is your opportunity. If you are unable to attend or do not want to speak at the meeting, then supporters are encouraged to email their supporting comments to the city leaders c/o Mayor Susan Hainey at shainey@myboca.us / support a negotiated agreement with Lennar that includes the transfer of the ocean breeze property to the city.
The agenda for the city council workshop includes all offers and a summary of the offers by the city manager. While the swap of properties is a good concept, it would appear that additional negotiation is warranted as the Lennar offer appears more 1-sided in favor of Lennar based upon all their contingencies that must be met within specific timelines or the deal may be cancelled by Lennar.
Accordingly, it would appear a better win-win-win transaction if all parties were treated more equally as the city, the Boca Raton residents and Lennar should have benefits to a negotiated agreement. It would appear fairer if Lennar were to provide the city a 10% deposit of the total offer, including the transfer of the Ocean Breeze property upon the completion of the inspection period but no later than 60 days from the date of the agreement. The balance of the revised offer would be paid by Lennar upon approvals for development on a timeline that requires consistent efforts by Lennar to obtain such approvals with 24 months of the inspection.
Today another revised offer has been received from Toll Brothers which is for $1 million more than the revised Lennar offer and the Toll Bros offer does NOT include the ocean breeze property. Today's revised Toll Bros offer is significantly different from their previous offer which only sought to acquire a small portion of the city's golf property.
Assistant city manager George Brown has provided an excellent summary and spreadsheet on the numerous offers which can be viewed online under the city meetings page/agenda which includes links to each detailed offer and the summary of the offers. It is expected that city council members may discuss these various offers and potentially give direction to the city staff & city attorney to negotiate an agreement that meets the objectives and fiduciary requirements of the city in such asset sell transactions.
As noted above me please communicate via email your preference for a negotiated agreement that includes the exchange of the 2 golf course properties which be in the best interest of the city residents (bring public golf into the city), the city (will pocket several million dollars) and the developer/Lennar (profitable business transaction). Everyone should be a winner in this successful business agreement.
No comments:
Post a Comment