University of West Florida continues due diligence for purchase of Scenic Hills Country Club
The University of West Florida continues to conduct due diligence in assessing the potential purchase of Scenic Hills Country Club. Financial history and projections were reviewed by the Business Enterprise Inc. (BEI) Board and demonstrated sufficient profit and projected growth to support the purchase. If all due diligence remains satisfactory, BEI is expected to close on the purchase by July 1, 2012.
On June 14, the Board of Trustees approved the request of debt for BEI. The BEI board previously approved the purchase of Scenic Hills Country Club, pending additional research.
The original appraisal of the Country Club was $2.7 million and the negotiated price was $2.2 million. BEI will put 50% cash down, and finance $1.1 million with the local lender. The loan is a three-year mortgage with a local lender at 3.95%.
The purchase of Scenic Hills Country Club is a venture of BEI, a nonprofit corporation created in 2011 with a goal of pursuing effective public-private partnerships for the University, as well as creating new services and increasing alternate sources of revenue to support and enhance the campus.
For additional information, please visit www.uwf.edu/bei.