The Boca Raton City Council approved Resolution 130-2017 identifying G.L. Homes as the selected purchaser for the City’s Municipal Golf Course. G.L.’s final offer was for $65 million dollars.
In a public hearing on Tuesday, October 24, G.L. Acquisitions Corporation and Lennar Homes, LLC, the two finalists who had delivered contracts and deposits to the City, each addressed the Council with final presentations. After the conclusion of the public hearing, each finalist had an opportunity to increase the amount of their purchase price and/or deposit.
G.L. increased their purchase price offer from $60 million to $65 million. G.L. also reduced the amount of non-refundable deposit from $4 million dollars to $2 million dollars in the event they would fail to complete the transaction. Lennar kept to its $73 million dollar purchase price offer, which was subject to development approval contingencies, unlimited price reductions, and potential out-of-pocket costs to the City.
Council members expressed concerns over the price of the G.L offer and the contingencies in the Lennar contracts, but ultimately chose G.L. Homes and adopted Resolution 130-2017 officially selecting G.L. Homes as the purchaser.
The City Council then introduced Ordinance 5410 authorizing the sale of the City-owned Municipal Golf Course to G.L. pursuant to the provisions of G.L.’s revised offer to purchase.
The ordinance is scheduled for a public hearing and vote at the next City Council meeting on November 14, 2017. To view the discussion and presentations click here and scroll to item 16. A.
