Waterlefe settles debt on golf course

Uncertainty about the future of Waterlefe’s golf course has come to an end after the Waterlefe Community Development District successfully settled an $8.3 million debt this week. The negotiated amount is $2.55 million.

Homeowners will absorb the assessment totaling less than $7,000 spread out over 20 years. Each residence will pay less than $350 annually.

“We are relieved to be able to finally put this matter behind us,” said CDD chairman Ken Bumgarner. “The bond debt hanging over our collective heads has been worrisome for current and prospective homeowners for several years now. We are very much looking forward to dedicating ourselves to what we love to do, which is to ensure an exceptional residential community, plentiful social opportunities, boating and water activities, and a spectacular golf experience for our homeowners and guests.”

Waterlefe inherited the debt after developer WCI Communities filed for bankruptcy in 2009. Prior to the bankruptcy filing, Waterlefe borrowed money from WCI for golf course construction and operations.

Since Waterlefe inherited the bond debt, the golf course has not generated enough revenue to pay the bonds.

Bumgarner said the assessment will cover the bond costs, while course memberships and events will fund day-to-day operations of the golf club.