Florida condominium board approves $50 million buyout for owners

FLORIDA — Florida condortowns board on Thursday approved a buyout offer of $50.3 million to owners of the five condominium towers in the city’s north.

The offer was made in a bid to help the city shore up its finances and boost its economic outlook after a downturn last year.

The owners will receive cash payments totaling $5.5 million over five years, plus another $2 million in property taxes, the city said.

The condominiums will be demolished in 2022.

The board unanimously approved the buyout, which will be approved by the Florida Commission on Community Development.

It also authorized the city to pay $3.4 million to the owners of another condo tower in the neighborhood.