Special districts struggle against tide of defaults [South Florida]
Waterlefe Golf and River Club developer WCI Communities Inc. went bankrupt in the thick of the real estate bust, leaving residents promises that no drastic changes would occur.
That didn’t prove to be exactly true.
Waterlefe’s golf course was built in 1999 with a $9.5 million bond guaranteed in 2001 by the developer, who paid the annual bond payments and ran the golf course, making up annual operational losses that reached $200,000 in the early years.
When WCI went belly up in 2008, the developer left enough money in reserves to cover two years of bond payments.