OCEAN BREEZE PARK — Ocean Breeze Park has furnished the financial information necessary for sellers to consider renegotiating its note on the land purchase at the 55-and-older mobile home community, a spokesman for the land’s former owner said.
The Ocean Breeze co-operative purchased the land from the Hoke family in 2008 for $26 million because of concerns the property might be sold to other interests, but the community has run a bumpy road keeping up with the payments since the land was purchased in December 2008.
Previous reports indicate Ocean Breeze has been struggling to meet its note obligation because of a hard economy and a decline in the town’s population. U.S. Census figures show the community’s population has dwindled from 463 in 2000 to 355 in 2010. Earlier this summer, the co-operative approached the Hoke family for the third time to rework the financing on the purchase, but before considering the request the sellers said they needed an in-depth accounting of the co-operative’s finances, setting a soft deadline of June 30 to submit the information.
“This is a pretty big deal. They’re running a multimillion-dollar business now,” said Jim Morgan of Treasure Coast Commercial Realty, who represents the Hokes.
Ocean Breeze retained Stuart-based Proctor Crook Crowder & Fogal CPA’s & Associates to audit the town’s books, and Morgan said his team began reviewing the numbers Friday, with more meetings on tap this week.
“I can say that they have furnished the information, and we are cautiously and patiently working together to assimilate this information,” Morgan said.
“I can say that everyone is operating in good faith; we’re moving forward and there’s no reason to believe we can’t get this accomplished.”
Morgan said a decision on the matter could occur by the end of the month.
Gail Myers, Ocean Breeze Park manager, was not immediately available for comment.
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Tags: Breeze Park, Ocean Breeze, Ocean Breeze Park, Park