BRADENTON BEACH – A May 8 letter Largo-based attorney David Luczak sent to the Pines Trailer Park Homeowners Association board members addresses the sale of the waterfront mobile home park. The accepted purchase offer appears to give the Pines Trailer Park’s permanent and seasonal residents at least five years to remain in their mobile homes and make their future plans.
The pending sale follows the Pines Trailer Park residents’ unsuccessful efforts to form a co-op and raise enough money to purchase the mobile home park owned by Richard and William Jackson’s Jackson Partnership LLLP.
Luczak’s letter begins by saying, “As you know, this office represents the owners and management of the Pines Trailer Park. In accordance with the provisions of Florida Statutes 723.071(2), we hereby notify you that we have received a bona fide offer to purchase Pines Trailer Park. We intend to consider and accept this offer. The terms are as follows:
- Purchase Price: $16.25 million, which includes all park-owned mobile homes, recreational vehicles, equipment, materials, vehicles, buildings, etc.
- Initial deposit: $1 million non-refundable deposit within three days of the execution and delivery of the purchase and sale agreement.
- Due diligence: The due diligence period shall run for 15 days from the date of the execution of the purchase and sale agreement.
- Additional deposit: At the end of the due diligence period, the buyer shall deposit an additional $1 million. At that time, the entire $2 million deposit shall be non-refundable.
- Closing: Forty-five days from the successful completion of the due diligence period this transaction shall close unless extended by agreement of the buyer and seller,” according to Luczak’s letter.”
Luczak’s letter does not identify the person or entity purchasing the park.
The final term of the offer appears to allow the current Pines residents and mobile homeowners five to seven more years to remain in the park:
- “Seller financing: Seller to hold a purchase money mortgage on the subject property in the amount of $8.125 million at 4.5% interest payable with interest-only payments for five years and no right of pre-payment. Buyer may not seek a land use change during the period of the mortgage financing. Seller may agree to a two-year extension on financing with interest-only monthly payments and the same terms as the original five-year mortgage,” according to Luczak’s letter.
While attempting to raise the money needed to buy the park, the Pines residents and homeowners participated in several community meetings that were held in the Pines clubhouse building. The printed minutes for the April 18 meeting address the rezoning that would be required in order to redevelop the Pines property as something other than a mobile home park.
“The new purchaser of the park will have to get the property rezoned in order to change the land use from a resident park to something else. It is hard to guess how long that process would take,” according to the April 18 meeting minutes.
Rezoning the Pines’ property from its current M-1 Mobile Home Park District zoning designation would require the approval of the Bradenton Beach City Commission after the proposed rezoning is first reviewed by city staff and the city’s planning and zoning board.
Related coverage
