Mediterra clubs

MediterraThe advisory board at Mediterra reached a partial agreement with their beach and golf clubs from the Bonita Bay Group. The agreement is tentative with the Bonita Bay Group, and is subject to the residents and members approval before being final. Talks with the developer are still ongoing, and members can buy the beach club for either $6.8 million cash or $8 million financed. The golf club which operates at a deficit was assigned a zero value. Members would assume a $15 million debt to create a community development district for roads and other services needed.

The new club would not assume the liability of the deposits collected by the Bonita Bay Group previously, which is valued at over $50 million. More than 95 percent of current members will have to sign liability waivers in order to deal outside of bankruptcy. The suggested dues are $13,000 a year for golf members, and $5,900 for sports members annually. Also, a new amenities preservation fee will be collected annually depending on the type of home you live in. The fee ranges from $1,900 to $2,900 a household per year.