Bonita Bay Group Signs Agreement to Sell the Golf Club in its Flagship to Members

To join the new Naples area club, members will have to waive any right they may have to deposits they paid to the developer.

Palm Coast, FL – February 9, 2010

BONITA SPRINGS — Golf members at Bonita Bay Group’s flagship community could soon take control of their club.

In a letter to members, a Turnover Committee at the Bonita Bay community, said the developer has signed a definitive agreement to sell the club to them.

The transaction still requires approval from a majority of members.

“Further details will be provided to all members in a few days,” the committee said in a report dated Feb. 6.

“I think the devil is in the details,” said Art Herman, a Bonita Bay resident and former golf club member, in an e-mail.

In December, a tentative deal was reached for members to buy their club for $12 million. Under that agreement, most of the money – $11.5 million – was to come from members joining the new club. The developer was to pay the new club $500,000 for the exclusive right to market tee times at the Bonita East courses off Immokalee Road to nonmembers for three years.

There are no substantial changes in the definitive agreement.

…….To join the new club, members will have to waive any right they may have to deposits they paid to the developer.

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