BRADENTON, FL – After years of uncertainty followed by Herculean efforts on the part of Waterlefe Community Development District (CDD) board members, Waterlefe Golf Club’s bond debt issue is finally settled. A debt in excess of $8.3 million has been negotiated down to $2.55 million, with homeowners in the community absorbing assessments totaling less than $7,000 per household, spread out in annual payments over the course of the next 20 years.
Waterlefe inherited the bond debt after developer WCI Communities filed for bankruptcy in 2009. Additionally, prior to the bankruptcy filing, Waterlefe borrowed money from WCI for golf course construction and operations.
In the years since Waterlefe inherited the bond debt, the golf course has not generated enough revenue to pay the bonds. A few years ago, in an effort to resolve the matter, the CDD hired bond counsel to track down the bondholders who held the $8.3 million bond amount. At the present time, all of the bond holders have been found; a settlement of 28 cents on the dollar was negotiated and approved in July. An additional $450,000 from the CDD reserves settled all amounts owed to WCI, with no negative impact to homeowners.
“We are relieved to be able to finally put this matter behind us,” said CDD chairman Ken Bumgarner. “The bond debt hanging over our collective heads has been worrisome for current and prospective homeowners for several years now. We are very much looking forward to dedicating ourselves to what we love to do, which is to ensure an exceptional residential community, plentiful social opportunities, boating and water activities, and a spectacular golf experience for our homeowners and guests.”
Bumgarner says there are exciting developments in the works for Waterlefe. The CDD board has reached out to Medallion Homes, which is building a development on the nearly 300 acres adjacent to Waterlefe, regarding their use of golf memberships as incentives for potential homebuyers. Additionally, the CDD is doing outreach to communities to the north whose residents will have more convenient access to Waterlefe once the Fort Hamer Bridge is completed in 2017.
Located along the Manatee River, the Waterlefe Golf & River Club community offers upscale residences, 18 holes of championship golf, water-based leisure activities, wetland preserves and nature trails to enjoy, a state-of-the-art fitness center with programs including personal training and group classes, and plentiful social opportunities. For more information, call (941) 718-4848 or go to waterlefegolfandriverclub.com.
About Waterlefe Golf & River Club
Waterlefe is a community developed for those who have a passion for fine living, an exceptional golf experience and life on the water. Uniquely situated along the Manatee River, Waterlefe offers a championship golf course, a private marina with boat slips available, fine dining and social events at the recently renovated and expanded River Club, a state-of-the-art fitness studio, and a multitude of amenities for residents of its upscale condos, townhouses and estate homes to enjoy. For more information, call (941) 718-4848 or go to waterlefegolfandriverclub.com.