ATTENTION ALL FLCCE RESIDENTS
Please read the following updates from your Golf Course Committee
Annual HOA meeting: Various uses were highlighted and are reiterated below. The concept of a Recreational District (RD) vehicle was introduced to the residents. The RD would provide them, a mechanism for the possible purchase of the golf course. We have requested and still need, from the owner or owner’s representative, a formal valuation/purchase price to provide the details of an RD to the residents.
After repeated requests, the information we require is still incomplete.
Current status of the golf course:
We have been told there has been no formal listing-of-sale as a golf course.
Based on the previously distributed Covenant and Amendment legal documents, which define the land use to remain a golf course or to be used for conservation purposes. We present the following potential uses, identified by the Covenant, and the key details that are still missing:
1) The golf course may be used for conservation purposes:
Any number of potential designs, passive uses (even lakes for stormwater, water quality)
Could be private, or a private/public partnership
We are unaware of interested buyers
2) The golf course could be sold to a housing developer:
Covenants prohibit this use and there are density restrictions in place
HOA attorney advises this change in land use requires approval by 75% of our residents
3) The golf course may be sold as a golf course:
Without a formal appraisal, the HOA has worked to gather some range of similar sales prices of area golf courses. A member of the Golf Course Committee, who was also a former owner of this course, and former PGA officer, reached out on our behalf in this area. He shared that he learned, from his contacts who were experienced golf course owners, as well as a golf course broker that a reasonable price for the course, could lie between $1 – 2 Million
(He also was made aware of one possible interested purchaser)
The Sarasota County Property Appraiser website reveals a 2020 land worth of $405,000: Building worth of 282,500.00. Yielding a taxable value of $687,500.00
If the FLCCE HOA had the same taxing ability as the Meadows Community Association (MCA), the HOA could purchase the golf course. We do not.
MCA invested approximately $6 M to obtain ownership of 3, 18-hole courses totaling 330 acres, including all physical structures. Using this as a generous guide for our 75-acre golf course without similar amenities, could establish a purchase price of approximately $ 1.3 Million
Note: The FLCCE HOA volunteer association does not have this taxing authority.
4). The only mechanism available to the FLCCE HOA to become a taxing authority is to create a Recreational District (RD) as did University Park.
The following are approximate parameters for its use:
This is a Community initiated process (not done by the golf course owner) whereby 51% of the taxable properties, within the proposed boundary, (TBD), of the RD would have a formal vote. There are many additional variables.
We’ve been told by the RD attorney, and by an HOA President who has successfully enabled this vehicle, that it is standard practice for all up-front expenses for this lengthy process, to be paid by the golf course owner. The upfront investment may be refunded upon the successful passage of a bond.
If enacted, each property within the boundary of the RD would pay an annual special assessment for this bond. (There may also be a maintenance fee for the duration of the bond over the course of a 30 + year period).
For this extensive effort to begin, requires a mutually agreed-upon, purchase value of the course. Other than payment, the heavy lifting is done by the residents and may take from 12 to 18 months of our time.
As you can see the RD is not something delivered in a casual presentation.
It requires the consistent dissemination of factual information with opportunities for questions and answers. We have access to an RD attorney to deliver more specific details as the resident’ interests demand.
It is easy for misinformation about this complex device to be passed along. Currently, there are those who have no clear idea of what an RD is—and as a result, would suppose it is done with ease and over a few weeks’ time. That is not the case.
You. Our dear neighbors are now a bit more informed. Clearly, this is a heavy investment of time and effort. This is the residents’ skin-in-the-game. When we receive the information we’ve repeatedly requested, we will begin to provide you with the details you will need to understand what this effort will cost and entail, should you decide its worthy of pursuit.
In the interim, if you have any questions please go to flcce.com and key the