The Palm Beach Post from West Palm Beach, Florida on March 27, 1998 · Page 40
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March 27, 1998

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The Palm Beach Post from West Palm Beach, Florida · Page 40

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West Palm Beach, Florida
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Friday, March 27, 1998
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1 1 v www' v 'ww w ' r 2D THE PALM BEACH POST FRIDAY, MARCH 27, 1998 Dealer: Buyers have duty to read contracts; Exhibitors hope to drum up $75 million in boat sales Ingalsbe is still doing the math, but said his bill likely be at least $86,000. ::; Alexandra Clough writes about ' business and the law. She can be . reached at The Palm Beach Post, South County Bureau, 900 Linton) Blvd., Suite 201, Delray Beach, y. 33444. Voice: 820-3469 or 279- i 3469; fax 26Z4872. . lost, it could be hit with attorney's fees, Haile said. "But the dealer strongly felt that it was right," Haile said. Sticking up for itself will cost Palm Beach Lincoln-Mercury, if the award to Rankine holds up on appeal. Not only does it have to pay the $60,300 to Rankine, it has to pay the fees of Ingalsbe and his co-counsel, Gregory Shibley. CAR DEALERSHIP From ID As for the notion of a three-day test drive, "We don't do that," Haile said. Haile says Rankine changed her mind about the car only when her sister raised a complaint The dealer fought the lawsuit, even while knowing that if it Palm Beach Boat Show seminars FISHING SEMINARS: Seminars will be conducted by expert anglers from Wendy's Hydra Sports Fishing Team and the West Palm Beach Fishing Club. The classes will meet on a stage at the Fishing Village at the north end of the boat show. Here's the schedule: Today: 5:30 p.m., Al Fernandez, throwing a cast net; 6:30 p.m., Mark Nichols, using artificial lures for snook and sea trout. Saturday: noon, Troy Nelson, offshore trolling; 4 p.m., Scott Hamilton, blue water fly fishing; 6 p.m., Al Fernandez, throwing a cast net; 7 p.m., William McDow, ballyhoo rigging basics. Sunday: noon, Ray Waldner, trolling for dolphin and wa-hoo; 2 p.m., Randy Nelson, tournament fishing for king mackerel; 4 p.m., Tom Twyford, catching fish in the Lake Worth Lagoon. KIDS' FISHING CLINICS: Free fishing clinics for youths age 16 and under offered at 11 a.m., 1 p.m. and 3 p.m. Saturday and Sunday. Those who complete one of the 75-minute seminars will receive a free rod and reel and an accessory kit. Space is limited. To register, call 833-5711. BOAT BUYER SEMINAR: The free seminar for first-time boat buyers will be from 9 a.m. to noon Saturday. Participants must arrive by 9:30 a.m. Topics include boat financing, insurance, maintenance and storage. To register, call Phase II may see more diverse tenants BOATS From ID Previous year. Florida accounts !6r about $730 million of that, according to the National Marine Manufacturers Association in "hicago. - "Our business is reflective of lie economy," said Rob Raymond, owner of Palm Beach 'acht Brokerage, which repre-' ents buyers and sellers of some f the most luxurious boats in the y;orld. "Right now, there's a lot of new wealth in America." ;' Raymond's firm generated sales of $25 million last year with just five brokers. At the Palm Breach show, he has nine boats on display, including a 78-foot Burger Motoryacht built in 1966. The iSking price is $875,000. Raymond and the 400 other xhibitors expect to drum up $75 iiillion in sales during the four-lay event. The Palm Beach Boat Show is the third largest in the ;tete, behind the Fort Lauderdale and Miami shows. Some boat sellers get 40 to 60 percent of their bpsiness for the entire year at vents like these. Quinta Inns for $3 billion and: Cobblestone Holdings Inc., a golf , course company, for $395 million. Meanwhile Thursday, Gos-man's PhyMatrix (Nasdaq: PH-MX, $12.81) reported its numbers, for the fiscal quarter and year ended Jan. 31. Revenue for the quarter was $96.2 million, up 42 percent from. $68 million during the compara-, ble quarter ended Jan. 31, 1997,, Net income was $5.8 million, or, 19 cents a diluted share, com-' pared to $5 million, or 18 cents a share. ' ' Yearly revenue rose 67 per-" cent to $346.5 million, compared: to $208 million for the year ended' Jan. 31, 1997. Net income was $20.3 million, or 68 cents a diluted share, compared to $15.2 millioq, or 55 cents a share, last year. shares that were grandfathered in. On Thursday, top U.S. tax writers endorsed a version of Clinton's proposed crackdown. The proposal would restrict the ability of Meditrust, Starwood Hotels & Resorts, Patriot American Hospitality Inc. and First Union Real Estate Equity & Mortgage Investments to shield new acquisitions from taxes. The limitation would apply to any asset acquisitions after Thursday, a condition that could send the company's shares lower today. The uncertainty over the future of paired-share REITS has caused Meditrust stock (NYSE: MT, $30.88) to slide by more 25 percent in the past six months. Since buying Santa Anita Park, Meditrust has picked up La MEDITRUST From ID here want to live here," Gosman said. Gosman said he plans to start developing the second phase of the Medical Mall later this year. But instead of serving only health-care professionals, as originally intended, the next 260,000 square feet of space will be offered to non-medical professionals, such as accounting and law firms. The operating division of Meditrust, which is moving to Palm Beach Gardens, lately has been the most dynamic part of the company. Meditrust is one of only four "paired-share" REITs in the country. The structure was out spend on their boats." Rybovich is the largest marine employer in Palm Beach County, with 170 employees and annual revenue of more than $14 million. About 70 percent of the boat show exhibitors are based in Palm Beach County, show organizers said. "We are selling out nicely," said Debra Parker Smith, marina and marketing manager for West Palm Beach-based Rybovich Spencer, a builder and broker whose boats have long been regarded as the Rolls-Royces of sport fishermen. "When the economy is good, then people have that extra cash to go out and lawed in 1986, but the four paired-share entities were grand fathered in. One owned the Santa Top district priority is finishing schools Anita Park thoroughbred track in California, which Meditrust bought last year for $458 million, Paired-share status allows REITs to operate businesses on land they own. The typical REI is a more passive entity. It owns real estate, collects rents and ex tends mortgages. REITs don't pay federal cor porate income tax if they return 95 percent of their profits to shareholders. The paired-share structure generates huge amounts of prof its for shareholders and cash for acquisitions because it's essen mall coming in." Also sapping Orange Blossom's customer base were the 1994 arrival of Horizon Outlet Center west of Vero Beach and the 1996 opening of the Indian River Mall in Vero Beach. Orange Blossom has never received a significant renovation; its occupancy stands at 45 percent; and one of its two anchor tenants Sears left last year. Orange Blossom's other anchor department store Belk says it intends to stay put Some other tenants contacted this week said they have not heard of any new plans for the mall. Officials at the college and the school district say it's unlikely they'll buy the mall, but didn't rule it out. The proposal itself is shielded from public review by a Florida law that allows school districts to initially consider proposed real estate deals in privacy. Vogel pointed out that the school district is busy with a $60 million effort to build three schools and renovate others. The district needs to consolidate its administrative operations now spread among several buildings but its attention won't turn to office space until the classrooms are completed, he said. The community college recently completed a new health sciences building and doesn't have pressing space needs. But Vogel and other officials would not rule out the possibility of the school district showing interest in teaming with the college. Stan Mayfield, assistant superintendent of facilities for St Lucie schools, estimated the cost of building a new school at $70 to $90 a square foot. The cost of buying Orange Blossom would be less than half of that, he said. "In anybody's estimation, it would be a lot less expensive to go out and occupy an existing building instead of building a new one," Mayfield said. Palm Beach Post staff writer Mary Ellen Flannery contributed to this story. JRANGE BLOSSOM From ID ah Zamias said it would be inappropriate for him to comment on any talks about selling Orange Blossom. Zamias, whose company bought the mall from Metropolitan Life Insurance Co. for $4 million in December, said only that he is considering several options for the 500,000-square-'oot center. ; MetLife and a partner opened the mall in 1984, four years before any competitors surfaced. Some say the mall was doomed. ' "It was put in the wrong part of the county," said Dan Deighan, an independent property appraiser. "If it was farther south, in Port St. Lucie, it could have threatened Treasure Coast Square mall (which opened in Jensen Beach in 1988) to the ixint that (DeBartolo Realty Corp.) wouldn't have started construction. But it was so far away from the population base that it was vulnerable to another tially two companies that trade as one. The operating company, like the part of Meditrust coming to Palm Beach Gardens, buys and runs businesses a traditional RE ITs can't touch, such as casinos and racetracks; the REIT half of the entity owns the real estate. The operating company pays federal taxes, but not much because most of its profits are sent to the RLI T in the form of rent President Clinton has proposed doing away with the federal tax break for the four paired NO. 430938 NOTICE OF ZONING CODE TEXT CHANGE The Village of Royal Palm Beach proposes to adopt the following Ordinances. ORDINANCE NO. 544 AN ORDINANCE OF THE VILLAGE OF THE VILLAGE COUNCIL OF THE VILLAGE OF ROYAL PALM BEACH, FLORIDA, AMENDING CHAPTER 26 ZONING AT SECTION 26-32 APPLICATION AND REVIEW PROCEDURES FOR ALL PETITIONS, AMENDING SECTION 26-32(5)(C)(3) TO REQUIRE THAT PAYMENT OF THE GUARANTEED REVENUES SPECIFIED IN STANDARD : DEVELOPERS AGREEMENT FOR PORTABLE WATER AND SANITARY SEWER BE MADE IN ORDER FOR THE SITE PLAN TO REMAIN VALID; PROVIDING THAT EACH AND EVERY OTHER SECTION AND SUBSECTION OF CHAPTER 26, ZONING. SHALL REMAIN IN FULL FORCE AND EFFECT AS PREVIOUSLY ADOPTED; A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. ORDINANCE NO. 545 AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF ROYAL PALM BEACH, AMENDING CHAPTER 26, ZONING, AT SECTION 26-32 APPLICATION AND REVIEW PROCEDURES FOR ALL PETITIONS. AMENDING SECTION 26-32(1) TO ADD AN -ADDITIONAL SUB-PARAGRAPH REQUIRING THAT APPLICANTS REIMBURSE THE VILLAGE FOR THE COST OF THE REVIEW OF PETITIONS BY THE VILLAGE TRAFFIC ENGINEERING CONSULTANT; PROVIDING THAT EACH AND EVERY OTHER SECTION AND SUB-SECTION OF CHAPTER 26, ZONING, SHALL REMAIN IN FULL FORCE AND EFFECT AS PREVIOUSLY ADOPTED; A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. A public hearing on the Ordinance revising the Zoning code will be held April 2. 1 998 at 7:00 p.m. or as soon there after ' as this item can be heard and continuing from time to time and place to place at the Village Council Chambers, 1050 Royal Palm Beach Boulevard, Royal Palm Beach, Florida 33411. A copy of the Ordinance which is proposed for first reading can be inspected and copied at the office of the Village Planning, : Zoning and Building Department during normal business hours of 8:30 a.m. to 5:00 p.m. Second reading and a final adoption is scheduled for April 16, 1998 at 7:00 p.m. at the same location. All interested persons are encouraged to come to the public hearing and be heard. If a person decides to appeal any decision made by the Village Council with respect to any matter considered at this meeting or hearing, they will need to insure that a verbatim record of the proceedings is made, which record should include the testimony and evidence from which the appeal is to be '' based. The Village of Royal Palm Beach does not provide such a record. PUBLISH DATE: March 27, 1 998 NO. 430937 NOTICE OF COMPREHENSIVE LAND NO. 429235 NOTICE OF PUBLIC HEARINGS FOR PROPOSED TEXT AMENDMENTS TO THE CITY OF RNIERA BEACH LAND DEVELOPMENT CODE USE PLAN TEXT CHANGE The Village of Royal Palm Beach proposes to adopt the following ordinance: ORDINANCE NO. 540 AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF ROYAL PALM BEACH, FLORIDA, AMENDING PREVIOUSLY ADOPTED ORDINANCE NO. 527 WHICH AMENDED THE TEXT OF THE VIL VE DEVELOPMENT PLAN TO LAGE COMPREHENSI PROVIDE FOR TWO 2) NEW LAND USE CATEGO RIES WHICH WERE ENTITLED (RMUJ) RESIDENTIAL Notice is hereby given that PGA National Ventures, LTD, proposes the following amendments to the RM-20: High Density Multiple Family Zoning District in the City of Riviera Beach Land Development Code: 1 . Amend Section 31 -242(c) regarding the prohibition of commercial uses. 1 . Amend Section 31 -243(l)b to reduce the maximum permitted density to be consistent with the City of Riviera Beach Comprehensive Plan. 3. Amend Section 31 243(3)a and Section 31 -243(3)b regarding density transfers and the new Coastal Construction Control Line (CCCL). 4. Amend Section 31-243(4) regarding maximum building height to allow mechanical facilities, ornamental towers, antennae, and similar non-habitable building elements to exceed the maximum building height by 20 feet instead of the current 1 0 feet. 5. Amend Section 31 -243(d) regarding the minimum building setback from the ocean in relation to the new CCCL Legal Description: The proposed amendments modify the sections of the Land Development Code mentioned above and do not rezone specific parcels of private real property. Therefore, these amendments are not site specific. Public Hearings for these amendments have been scheduled as follows: MIXED USE AND (CO) COMMERCIAL OFFICE; DELETING THE TEXT RELATIVE TO THE (CO) COMMERCIAL OFFICE CATEGORY, RETAINING THE TEXT PERTAINING TO THE (RMU) RESIDENTIAL MIXED USE CATHE-GORY; ADOPTING A NEW LANDU USE CATEGORY TO BE ENTITLED (CL) COMMERCIAL LOW ALONG WITH SEVERAL NEW ANDOR AMENDED POLICIES AND OBJECTIVES IN ACCORDANCE WITH THAT CERTAIN COMPUANCE AGREEMENT WITH THE DEPARTMENT OF COMMUNITY AFFAIRS APPROVED BY THE VILLAGE ON MARCH 19, 1998; PROVIDING A CONFLICTS CLAUSE AND A SEVERABILITY CLAUSE; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. A public hearing for second reading and adoption of the ordinance will be held on April 2, 1998 at 7:00 p.m. or as soon thereafter as this item can be heard at the Village Council chambers, 1050 Royal Palm Beach Boulevard, Royal Palm Beach, Florida 3341 1. A copy of the proposed comprehensive land use plan amendment and ordinance which is proposed for second reading and public hearing can be inspected ana copied at the office of the Village Planning, Zoning and Building Director during normal busi-nessTiours of 8:00 a.m. to 4:30 p.m. All interested persons are encouraged to come to the public hearing and be heard. If n rvr-m deride to cmoeal anv decision made bv the Villaae 7:00 p.m. 7:30 p.m. 7:00 p.m. Planning and Zoning Board Thursday, February 26, 1998 City Council Wednesday, March 1 8, 1 998 City Council Wednesday, April 1, 1998 Council with respect to any matter considered at this meeting or hearing, he or she will need to insure that a verbatim record ot the proceedings is made, which record should include the testimony and evidence from which the appeal is to be based. The Village of Royal Palm Beach does not provide such a record. The location of the subject property is shown on the map below: These Public Hearings will be conducted at the stated time, or as soon thereafter as the matter can be heard, in the Council Chambers at City Hall, 600 West Blue Heron Boulevard, Riviera Beach, Florida, and continuing from time to time and place to place, as the said meetings may be adjourned, to consider said matter. Interested persons ore encouraged to attend the hearings and any adjournment thereof. The proposed amendments and background material ore available for review in the Planning and Zoning Division at City Hall, 600 West Blue Heron Boulevard, Riviera Beach. Florida, Monday through Friday, between the hours of 8:30 a.m. and 5:00 p.m., except holidays. The City of Riviera Beach does not discriminate ogainst the handicapped in meeting locations. YOU WILL KINDLY GOVERN YOURSELVES ACCORDINGLY. register to Win $511 1. Call 5-M on your telephone.-2- Enter code 1-0-1-5 when prompted 3. Enter your phone number & last four digits of your social security number. it's that easy!!! Al cak art SOt ana appa m your Mtphont Ml Ent a nany tknai m yo fta. Ona wknar cfma aack Mnfc. Tn Ray aiat fltor ky Mafftna, yoar nana, iMrw & pkona Rwnbar wtfli arta coda at CAU 5T1 Cull Canfcft. 7751 Souti Daie nfmrf. Wtjt Prt Bex, R 33405 Carrie E. Ward, CMCAAE, City Clerk "PLEASE TAKE NOTICE AND BE ADVISED, that if ony interested I r a PARCEL ' 1 I IM PABcai U Jl Just 50$ ia call! .person i desire to appeal ony decision made by the City council with Brought tywky CAU.S11, respect to any matter considered at this meeting or hearing, such interested person will need a record of the proceeding, ond for such purposes may need to ensure that a verbatim record of the proceeding is made, which testimony ond evidence included the testimony ond evidence upon which the appeal is to be based." PUEU$H:Marcfc27, 1998 f ! , araicailTkt Pita Buck tat, j Suft-Senfenat i Tht Be TtNo ftBM PUBLISH DATE: Avjrch 27, 1998

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