Foreclosure Update - 2 years and counting....

It has been over 2 years since Wachovia Bank (now Wells Fargo Bank) filed the civil lawsuit against the owners of the Ocean Breeze country Club property. The last item on the court docket was in January which was 9/30/11 accounting report by the receiver. Why hasn't the bank been more active in filing motions to move this foreclosure along?

The receiver, an affiliate of the Arnold Palmer golf management company reported that over 47,000 rounds of golf were played during the first 9 months of 2011. This is very impressive considering that they did not takeover until mid-January and the owners had let the course condition deteriorate significantly during their financial decline.

The course has improved significantly since the Arnold Palmer group has taken control, but the fairways still need a lot of work and the clubhouse needs to renovated or completely rebuilt. It appears that the receiver is maintaining the course sufficiently to attract 300-350 players "per day" during the season, but these numbers would be expected to decline by approx. 50% during the off-season soon approaching.

Boca Teeca Golf Course Foreclosure Update

The owner of the property, MCZ Centrum and the loan guarantors have retained new legal counsel in the foreclosure case by Wells Fargo bank (formerly Wachovia bank). The receiver continues to operate the property under the management of their affiliated company, Arnold Palmer Golf Course Management Co.

The golf course (d/b/a Ocean Breeze Country Club) is open daily to the public and remains the only championship level golf course within the city that is open to the public. The condition of the golf course has improved steadily since the receiver took control in February 2011 and the number of golf patrons appears to be at the highest level in many years as a result of the improved conditions and the promotional rates. Area golfers should call the golf course to make a tee time and to learn about the current promotional rates: 561-994-0400

The environmental consulting firm retained by the receiver has conducted testing on the portion of the golf course that was determined to be incompatible for residential or industrial use according to the EPA & FL DEP report issued in August 2010. The FL DEP is awaiting the analysis by the private environmental consulting firm in order to determine the size of the impacted area and the possible solution to cleaning-up this problem. It should be noted that there are several area golf courses that have had similar environmental problems that have been monitored for several years, but these other golf courses retained their use and was not proposed for other development uses. Adjacent property owners are obviously concerned that the hazardous chemicals may have migrated to their property or ground water and are of course watching this issue closely.

Boca Teeca Environmental Cleanup Update

On June 14th Environmental Assessments & Consultants, Inc. was granted an extension until Nov. 30th to provide a site assessment on the environmental cleanup at the Ocean Breeze golf course. Florida DEP staff have indicated that the environmental testing was scheduled to begin on June 29th. Based upon these test results the testing will continue with the water monitoring in the area near the maintenance facility on the South golf course.

The correspondence with the FL DEP indicates that "the property owner (MCZ Centrum) has not been directly involved for some time and the property has been placed in receivership."

The property continues to be open for business as the Ocean Breeze Country Club and remains the only championship level golf course within the city that is open to the public. The receiver is affiliated with The Arnold Palmer Golf Course Management Co. and is operating the golf course under this management company. The foreclosure is still pending with recent court documents indicating that the owners and their principals have retained a new legal representative for their defense. Several MCZ Centrum developments in Florida are also in foreclosure with the recent foreclosure completion of a Boynton Beach property that was never developed.

Best Golf Deal in South Florida - Ocean Breeze Country Club

All-Inclusive Golf Promotion:
* Unlimited Golf/27 Chamionship Holes
* Breakfast Buffet
* Lunch Buffet + 1 Free Draft Beer
* $32 / FL Resident Seniors (Age 60+)
* $39 / FL Residents (Under Age 60)
* $45 / Non-FL Residents

Twilight Golf Special - after 1pm daily

$19- Includes Golf and 2 Draft Beers

FL Resident Rate ($24/non-FL residents)

Tee Times - 561-994-0400 ext.241
(up to 7 days in advance)

This promotional deal will not last forever "at these rates", so take advantage of this offer while it lasts. Help keep public accessible golf in the city of Boca Raton by supporting the only championship level golf course within the city - Ocean Breeze Country Club - (5800 NW 2nd Ave./North of Yamato Road).

Arnold Palmer Golf Management affilate takes control of Boca Teeca Golf Course

The new management of the Ocean Breeze Country Club has been very busy since being appointed as receiver of property which remains in foreclosure by Wells Fargo bank. The receiver is an affiliate of the Arnold Palmer golf management organization which owns or manages over 40 golf courses throughout the U.S., including the famous PGA Resort in Palm Beach Gardens and the Weston Hills Country Club.

The receiver's affiliate corp web site indicate the company owns private clubs and golf courses that it acquired in partnership with Walton Street Capital and other investment partners. It also manages additional clubs and golf courses for third party owners. Century Golf Partners, d/b/a Arnold Palmer Golf Management, is focused on driving revenue, increasing market share and profitability by building member and guest retention, loyalty and referrals. Century’s portfolio of owned and managed golf courses is expected to generate more than $250 million in total revenues during 2010.

Century Golf Partners employs several thousand highly dedicated people who are committed to superior management of all facets of club and golf facility operations including: member acquisition and retention, revenue generation, yield management, expense control, agronomy, food and beverage and tournament sales, clubhouse operations, capital improvements, accounting and technology systems. The team has pioneered industry leading revenue-generation and yield management programs and is an acknowledged industry expert in private club membership programs and golf revenue concepts. At a time when many are focused solely on cost containment, Century Golf Partners is successfully driving revenue growth through aggressive capacity utilization.

The current owner remains in foreclosure and it appears that a judgement against the business operation for over $76,000 in December for sales tax which was expected to be a contributing factor in the need to appoint a receiver. It is our understanding that the operating manager on property under the MCZ Centrum LLC ownership, Dennis Taback, has been relieved of his position and a new general manager should be in place by Feb 1st.

We look forward to learning of the improvements planned for the property under this acclaimed Arnold Palmer Golf Management company.

Receiver Appointed for Ocean Breeze Golf Club in Boca Teeca

The court overseeing the foreclosure proceeding of the Ocean Breeze Golf Club property in Boca Raton has agreed to appoint a receiver of the property while the foreclosure proceeds through the legal process. While MCZ Centrum's LLC remains the owner of the property, the receiver will be responsible for the management of the property in order to protect the value to the mortgage holder, Wells Fargo Bank (formerly Wachovia Bank).

What does this mean for the future of the golf course? The receiver would be expected to bring-in his own management of the property since he is affiliated with a major golf course owner and management company. Hopefully, this receiver's management will result in long-promised improvements to the property which is located in the financially attractive area of eastern Boca Raton.

Golfers and area residents would benefit from improvements and professional management of this 27-hole championship golf course which is open to the public. We look forward to learning of the plans by this new management for this property.

Thank You Sallie Friedman

At last week's Town Hall meeting held in the city council chambers, Boca Teeca resident Sallie Friedman spoke out regarding her concerns of increased traffic in Boca Teeca if Costco is allowed to add a gasoline station to their property. Traffic was consistently a major concern of Boca Teeca residents during the past 20+ years. Traffic was also a primary concern during the 2006 meetings held by representatives of the Ocean Breeze golf course who proposed a "forced left turn" onto Westbound Jeffrey St. in order to keep traffic from the proposed 211 townhouses off of NW 2nd Ave.

These representations were made by the developers during the numerous meetings with residents in order to sell the residents on the proposed development. During the presentations at the public hearings there were no suggestions of a "forced left turn" and the city approved an amendment to the traffic level of service within Boca Teeca so that this road could be allowed to handle the increased traffic from the new development.

Sallie Friedman was one of the few residents of Boca Teeca that spoke at the public hearings in support of the development which was increasing traffic within this residential community. Here are two questions regarding her traffic concerns in Boca Teeca:
1)Did she support the development's traffic impact as a result of the promised payment of approx. $25,000 to her condo association?
2)Would she change her opinion of the Costco proposal if they agreed to pay her condo assoc.?

Grandmothers report Nudity on Boca Teeca Golf Course

Below is an excerpt from a letter to the Boca Raton City Council dated Aug. 22, 2007 from a resident of San De Vance condo association as a result of explicit nudity in full public view on the North golf course of Boca Teeca. Considering this illegal activity on the golf course do you think that the owners of the golf course deserve the support of the residents of Boca Teeca?


.....Lastly, there was a significant illustration of the lack of character of the developer/owner of the country club that occurred on June 3, 2006 as the country club hosted a golf tournament by the Cheetah Lounge, called the Cheetah Golf Classic. There were approximately 25 women who were topless or completely naked and performing various fornication gyrations within feet of the patios of the San De Vance community and witnessed by women and children. Numerous calls to the country club were unresponsive and the only reason this event was stopped at approximately 5pm was due to a thunderstorm that closed the course.

I reported this illegal activity in a certified letter sent to the police chief and the mayor that was delivered on November 13, 2006. There was no written reply from the city acknowledging this lewd behavior, but a telephone call from the Capt. Brancazio of the police dept. informed me that there had been plans for several of these Cheetah events at Ocean Breeze. A brief letter of apology was received from Dennis Taback at the Ocean Breeze Country Club to the grandmothers who witnessed this immoral event. In his letter of apology, Mr. Taback claimed that the golf tournament was for the benefit of cancer & diabetes research. This is believed to be a lie, as neither of these organizations would confirm their involvement with the Cheetah Lounge golf outing and it is doubtful that either would even remotely consider such involvement on moral policy issues.

With these problems of misrepresentation and immoral activity at the Ocean Breeze Country Club, I respectfully request that the city council deny the development proposal in order to protect the moral quality of life within our community.

Boca Teeca Golf Course Developer Taback Doesn't Pay H.O.A. fees for Estancia

Ocean Beeze golf course principal Joshua Dennis Taback has required his personal Home Owners Assoc. to take legal action to collect their fees each of the last 2 years. $250 was not paid on January 1, 2008 and $266 for Jan. 2009. The 2009 lien is still outstanding according to Palm Beach Co. records.

How would the Boca Teeca condo leaders treat a unit owner who failed repeatedly to pay their association fees while driving an expensive imported SUV?

Maybe Boca Teeca condo leaders should ask the Estancia Association their opinion of Mr. Taback's respect for his financial responsibilities? A neighbor who does not pay their association fees places a greater financial burden on each person within the community and is normally NOT considered a worthy neighbor to trust with additional financial responsibilities, such as business agreements with additional resident associations.

Ocean Breeze Developer Dennis Taback in Personal Foreclosure

Boca Teeca's Ocean Breeze golf course principal, Joshua Dennis Taback, is listed in foreclosure on his personal residence in Estancia. Mr. Taback has stated in the SunSentinel that he intends to fight the foreclosure on the golf course owned by his partners in MCZ Centrum, yet his personal residence is also in foreclosure.

What do you make of the chances that Mr. Taback will win these foreclosure actions and uphold the agreements with Boca Teeca residents?

MCZ Centrum Delinquent for 2008 & 2009 Taxes/Boca Teeca Golf Course

MCZ Centrum has not paid their real estate taxes for 2008 or 2009, yet they claim that they are going to fight the foreclosure on the property which they purchased with mostly borrowed money from Wachovia Bank. This is another example of an over-leveraged developer who had the misfortune of investing in a project that does not generate enough cash flow to cover the debt service and taxes. This real estate investor invested less than $200,000, borrowed $7 million from Wachovia and bought over 200 acres of golf course land in Boca Raton. The property is now in foreclosure and the local representative of the developer claims that they are going to fight the foreclosure.