The foreclosure on the Boca Teeca golf course is heating up as the bank has filed a motion to appoint a receiver which would take control of the property from the current owners, MCZ/Centrum. On 1/11/11 there is a hearing at the PB County courthouse to hear this motion by the bank.
The golf course is still open and operating under the name Ocean Breeze Golf & County Club. Is Wachovia/Wells Fargo bank concerned that the current owner is not protecting the value of their collateral which also includes all furnishings and assets of the country club and hotel on the East side of NW 2nd Ave.? Or, would the bank's receiver plan to improve to the golf course in order to improve the value of the property that secures their loan?
According PB County public records the MCZ/Centrum LLC has not paid taxes for 2008 or 2009 and has liens on the property totaling almost $500k. The property is also subject to an investigation by the Florida Dept. of Environmental Protection (DEP) and the EPA concerning contamination that was confirmed in ealry 2010 on a portion of the South golf course at the location of the maintenance facility. The DEP has a specific time deadline for the owner of the property to complete an environmental assessment and provide a plan for resolving the contamination issue. Considering the lack of payments to creditors this environmental issue is a concern of adjacent residents who's property may have been affected by the historical operation of the golf course and are awaiting more details from DEP on this matter.
WPB attorney Lawrence Rochefort represents Wachovia/Wells Fargo in this foreclosure case.
The golf course is still open and operating under the name Ocean Breeze Golf & County Club. Is Wachovia/Wells Fargo bank concerned that the current owner is not protecting the value of their collateral which also includes all furnishings and assets of the country club and hotel on the East side of NW 2nd Ave.? Or, would the bank's receiver plan to improve to the golf course in order to improve the value of the property that secures their loan?
According PB County public records the MCZ/Centrum LLC has not paid taxes for 2008 or 2009 and has liens on the property totaling almost $500k. The property is also subject to an investigation by the Florida Dept. of Environmental Protection (DEP) and the EPA concerning contamination that was confirmed in ealry 2010 on a portion of the South golf course at the location of the maintenance facility. The DEP has a specific time deadline for the owner of the property to complete an environmental assessment and provide a plan for resolving the contamination issue. Considering the lack of payments to creditors this environmental issue is a concern of adjacent residents who's property may have been affected by the historical operation of the golf course and are awaiting more details from DEP on this matter.
WPB attorney Lawrence Rochefort represents Wachovia/Wells Fargo in this foreclosure case.
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Will Boca Teeca condo associations get their money from the developer? Association leaders spoke at public hearings in support of the development that was not going to impact our views, but we were contractually promised a minimum of $350k if a portion of the golf was developed. Looks as if there is no such thing as a free lunch.
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