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Longboat Key Wednesday, Oct. 23, 2013 4 years ago

Commission reviews Colony progress

by: Kurt Schultheis Senior Editor

The Longboat Key Town Commission doesn’t care that Colony Beach & Tennis Resort Association attorney Jeffrey Warren says Colony parties have made “significant progress.”

Commissioners want a global resolution and one that doesn’t exclude significant parties, such as the bankruptcy case’s largest affected creditor, Colony Lender LLC.

“Does your progress and hope you have with Colony Lender LLC involve actually having any conversations with them?” asked Commissioner Terry Gans at the commission’s regular workshop Monday.

Warren said, “There’s been substantive communication with them (Colony Lender) and their parties.”

But commissioners aren’t sure if they believe the Association, especially because Colony Lender attorney Michael Assaf said in a Tampa bankruptcy court that the Association is not holding settlement discussions with him.

Mayor Jim Brown pressed again.

“Are Colony Lender and you having discussions right now or not?” Brown asked.

“We might be talking to the wall right now, but I think we’ll be having meaningful discussions with them soon,” Warren responded.

Warren also noted Colony Lender supports a forthcoming Association request of the commission to grant its third extension for grandfathered tourism units while it works to settle and rebuild the closed hotel site.

Commissioners are frustrated about the third extension request coming before them by the end of the year.

“Repeatedly you have been in here before and asked us to extend and we’re tired of it,” said Commissioner Lynn Larson.

Warren tried to assuage commissioners’ concerns about the lack of a developer now that the Association has ceased ties with JHM Financial Group LLC (see sidebar). Warren also noted that U.S. Bankruptcy Judge K. Rodney May will review a settlement in November in his Tampa courtroom.

“We have constructively listened to those having complaints with JHM,” Warren said. “We terminated the exclusivity we entered into with JHM to reopen on an expedited basis an ability to select a new development partner. No fewer than four partners already are having discussions with us.”

Contact Kurt Schultheis at [email protected]


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