Three down, six to go

For 10 years now, it remains one of the primary conversation starters with anyone from Longboat Key: “Do you think they’ll ever get the Colony settled and redeveloped?” 

At the same time, there are also many Longboat residents who are on the side of a Longboater who told us recently: “I have quit reading stories about the Colony. Nothing ever changes.” 

We get it. It’s still a spaghetti ball — even if 2016 has been a year of more progress toward resolution than any other. To wit:

• Colony Lender (David Siegal and Randy Langley) finally sold their interests in the two-and-a-half acres and Dr. Murray Klauber’s restaurants, office and condo and other assets to Unicorp National Developments Inc.
• Unicorp and the Colony Beach & Resort Association Board of Directors agreed to terms on a sale and development agreement.
• And Monday night, the Longboat Key Town Commission voted 5-2 to place on the March town ballot a density question that, if approved, would give Unicorp permission to apply to add up to 180 residential units to the Colony property.

So consider that progress. 

But as it always goes with the Colony, there are still several sizable high bars to jump. What follows is a scorecard/to-do list you can post on your refrigerator if you want a simplified version of what is required to keep track. Checked boxes have been accomplished; followed by additional information that explains the current status of progress. 

HOW UNIT OWNERS HAVE VOTED SO FAR

Unicorp must obtain a “yes” vote from 91% of the 237 unit owners. According to a recent letter from the attorney of the Colony Association to the town of Longboat Key, the voting at the end of a 90-day period ending Nov. 22 stood as follows: 

• “Yes” vote: 119 units
• “No” vote: 36 units (15.2%)

“Just because the association did not achieve all of the Colony approvals by Nov. 22 (the end of the 90-day period),” Warren wrote, “the development agreement does not automatically terminate. Instead, it remains in effect until either party elects to terminate, and if the Colony approvals do come before a termination, then the termination option would go away. The development agreement also contemplates that Unicorp and the association might expressly agree to extend the time; but, note, that even in the absence of such agreement/amendment, the development agreement remains in effect until someone terminates.”

THE DECIDING VOTES: ANDY ADAMS

Longboat Key and Murfreesboro, Tenn., resident Andy Adams owns 75 Colony units and is considered the deciding vote on whether Unicorp National can reach its 91% threshold with unit owners. 

According to association attorney Jeff Warren’s Dec. 1 letter to the town, Adams “has not yet” affirmed his support for or rejected the development agreement.

“That Unit Owner continues discussions and negotiations with Unicorp,” Warren wrote. “… That Unit Owner has confirmed in writing that he fully supports the proposed” density referendum.

SUMMARY

Two steps forward, one step back. Don’t be surprised to see Andy Adams withhold his vote on the development agreement until after the March 2017 referendum. That vote will determine whether Longboat voters are willing to give Unicorp the permission to apply for an increase in the town’s residential density by 180 units and a maximum 24.11 units per acre on the Colony site.

The vote likely will affect the price for which Adams is negotiating with Unicorp for the sale of Adams’ 70-plus units.

As he has for the past half-decade, Adams holds the key to the Colony.