Backup Documents 12/11/2018 Item #11JRivieria Golf Estates HOA Land
Purchase
Toni A. MottManager Real Property Division of Facilities Management, PUDDecember 11, 2018Agenda Item 11I (moved from 16F6)
Collier County | Florida
Objective
To cast affirmative votes for the Riviera GolfEstatesHOAtopurchasetheRivieriaGolfEstatesGolfCourse.
Considerations
In late 2016,the Riviera Golf Estates Board of Directors learnedthatthe93-acre Riviera Golf Course was for sale at an askingpriceof$3 million.
The Golf Course Advisory Committee (GCAC)was created inearly2017andaskedtoresearchthesituationandtodevelopalternativesandrecommendations.
The Rivieria Golf Estates Board of Directors supports the GCACrecommendationtopurchasethegolfcourseandauthorizeborrowingupto$3.3 million,which includes a maximumpurchasepriceof$3 million,plus a 10%reserve for purchase-related closing costs,due diligence costs,and maintenanceequipmentforuseasaprivatecommunitypark.
Considerations (cont.)
A positive vote doesn’t assure purchase of the 93-acre golfcourse.Should the vote to purchase the land be positive,the Riviera Golf Course Board of Directors would select acommitteetonegotiatepricingandensureduediligenceiscompletedbeforeanypurchasetakesplace.
Collier County owns two (2)lots at 767 and 771CharlemagneCourtinRivieraGolfEstatesandthushastwo(2)votes it can cast.If the County abstains fromvoting,it counts as two (2)no votes and a super majorityyesvoteisrequiredtopurchasethegolfcourse.
Location Map
Rivieria Golf Course
Fiscal Impact
If the golf course is purchased with a bank loan of$3.3million,the County would be responsible to payapproximately$4,768 per lot,plus an additional$12/month for operating expenses.
Recommendations
To authorize the County Manager to cast affirmative votesfortheRivieriaGolfEstatesHOABoardofDirectorstonegotiateacontractfortheacquisitionofthe93-acre golfcourseandtoborrowupto$3.3 million for the landpurchaseandmaintenanceequipmentforuseasaprivatecommunitypark.
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