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Date of Issue: March 17, 2005

Tidemark closing delayed

The long-awaited new financing agreement for the bankrupt Tidemark hotel and condominium project in Holmes Beach will have to wait at least three more days before Reliance Property Group of Connecticut actually comes on board with enough money to save the troubled company.

On Monday, Tidemark got a three-day extension from the federal bankruptcy court in Tampa to move the closing with RPG from Tuesday, Nov. 30, to Friday, Dec. 3.

In its request, Tidemark said the three extra days were to allow RPG time to "resolve issues related to getting the highest and best available source of exit and construction financing, addressing issues related to the transfer of a lease of parking spaces with Wachovia Bank and to address certain title issues."

The controversial Tidemark project filed for bankruptcy in January 2004 and has been through several prospective suitors who have proposed refinancing agreements to take the company out of bankruptcy and make it a viable project.

The court and creditors of Tidemark approved the estimated $5.6 million exit financing package offered by RPG on Nov. 9.

Tidemark received site plan approval from the Holmes Beach City Commission in August 2001. Since that approval, the value of the land has more than doubled, making the planned 40 condominium units at the project an attractive development, particularly if units sell in the anticipated $800,000 to $1 million range.

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