G.L. Homes May Delay Closing On Boca Municipal Golf Course Land

480

Staff report

G.L. Homes is slated to pay the city $65 million for the Boca Municipal Golf Course on Oct. 31.

The developer and city may come to an agreement that a postponement is beneficial for both parties.

G.L. Homes VP Larry Portnoy said the company is “willing, ready and able” to close in October.

But if the city wants to delay the closing to keep the golf course running longer while it figures out what is happening with the proposed Boca National course, he said G.L. can postpone the closing date.

The delay would also mean more money to the city of Boca.

As the contract stands, the city will receive $65 million for the property at closing.

On the table for consideration would be two possible extensions. Extend the closing until April 30, 2021, which would bring the purchase price to $65.75 million or extend the closing until Oct. 31, 2021, which would increase the price to $66 million.

Council members said they would be willing to consider approving an extension. A contract modification will come before the council for approval at an upcoming meeting.