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<P ALIGN="CENTER">UNITED STATES</P>


<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>


<P ALIGN="CENTER">Washington, D.C. 20549</P>


<P ALIGN="CENTER">FORM 8-K</P>


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<B><P ALIGN="CENTER">CURRENT REPORT</P>


<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of </P>


<P ALIGN="CENTER">The Securities Exchange Act of 1934</P>


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<P ALIGN="CENTER">Date of Report (Date of earliest event reported): <U> May 17, 2005</P>


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<B><U><P ALIGN="CENTER">BLUEGREEN CORPORATION</B></U></TD>


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<P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</TD>


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<B><U><P ALIGN="CENTER">MASSACHUSETTS</B></U></TD>


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<B><P ALIGN="CENTER">0-19292</B></TD>


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<B><P ALIGN="CENTER">03-0300793</B></TD>


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<P ALIGN="CENTER">(State or other jurisdiction</DIR>


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<P ALIGN="CENTER">(Commission</TD>


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<P ALIGN="CENTER">(IRS Employer</TD>


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<P ALIGN="CENTER">of incorporation)</DIR>


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<P ALIGN="CENTER">File Number)</TD>


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<P ALIGN="CENTER">Identification No.)</TD>


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<B><P ALIGN="CENTER">4960 Conference Way, North, Suite 100, Boca Raton, Florida</B></TD>


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<B><P ALIGN="CENTER">33431</B></TD>


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<P ALIGN="CENTER">(Address of principal executive offices)</TD>


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<P ALIGN="CENTER">(Zip Code)</TD>


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<P ALIGN="CENTER">Registrant's telephone number, including area code: (561) 912-8000</P>





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<U><P ALIGN="CENTER">Not applicable</U></TD>


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<P ALIGN="CENTER">(Former name or former address, if changed since last report.)</TD>


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<P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>


<P>[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>


<P>[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>


<P>[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>


<P>[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>


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</FONT><B><P>Item 1.01 Entry into a Material Definitive Agreement.</P>


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<P>&#9;At the Annual Meeting of Shareholders of Bluegreen Corporation. (the &quot;Company&quot;) held on May 17, 2005, the shareholders of the Company approved the Bluegreen Corporation 2005 Stock Incentive Plan (the &quot;2005 Plan&quot;).  The Plan allows the Company to grant stock options (both incentive stock options and non-qualified stock options) and restricted stock to any employee or director of the Company or any of the Company's subsidiaries or parent, and any independent contractor or agent of the Company.  A maximum of 2,000,000 shares of the Company's Common Stock may be issued for restricted stock awards and upon the exercise of options granted under the 2005 Plan, subject to adjustment upon the occurrence of certain events.</P>





<P>The foregoing summary description of the 2005 Plan is qualified in its entirety by reference to the full text of the 2005 Plan, which can be found as Appendix A in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 18, 2005, and is incorporated by reference herein.  A more detailed summary of the 2005 Plan can also be found in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 18, 2005.</P>





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<B><P ALIGN="CENTER">SIGNATURES</P>


</B><P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>





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<B><P>SIGNATURES</B></TD>


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<P>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</TD>


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<U><P ALIGN="CENTER">BLUEGREEN CORPORATION</P>


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<P>Date: May 23,  2005</P>





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<P>By:&#9;/S/ ANTHONY M. PULEO                 </P>





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<P>Name:&#9;Anthony M. Puleo</P>





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<P>Title:&#9;Senior Vice President and Interim Chief Financial Officer</P>





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[{"type": "8-K", "sequence": "1", "filename": "rrd79991.htm", "description": "CURRENT REPORT", "secsgml_size_bytes": 6160}]
{"company-data": {"conformed-name": "BLUEGREEN CORP", "cik": "0000778946", "assigned-sic": "6531", "irs-number": "030300793", "state-of-incorporation": "MA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09292", "film-number": "05851022"}, "business-address": {"street1": "4960 BLUE LAKE DRIVE", "city": "BOCA RATON", "state": "FL", "zip": "33431", "phone": "5619128000"}, "mail-address": {"street1": "4960 BLUE LAKE DRIVE", "city": "BOCA RATON", "state": "FL", "zip": "33431"}, "former-company": {"former-conformed-name": "PATTEN CORP", "date-changed": "19920703"}}
UNITED STATES
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 17, 2005
BLUEGREEN CORPORATION
(Exact name of registrant as specified in its charter)
MASSACHUSETTS
0-19292
03-0300793
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
4960 Conference Way, North, Suite 100, Boca Raton, Florida
33431
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (561) 912-8000
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
At the Annual Meeting of Shareholders of Bluegreen Corporation. (the "Company") held on May 17, 2005, the shareholders of the Company approved the Bluegreen Corporation 2005 Stock Incentive Plan (the "2005 Plan").  The Plan allows the Company to grant stock options (both incentive stock options and non-qualified stock options) and restricted stock to any employee or director of the Company or any of the Company's subsidiaries or parent, and any independent contractor or agent of the Company.  A maximum of 2,000,000 shares of the Company's Common Stock may be issued for restricted stock awards and upon the exercise of options granted under the 2005 Plan, subject to adjustment upon the occurrence of certain events.
The foregoing summary description of the 2005 Plan is qualified in its entirety by reference to the full text of the 2005 Plan, which can be found as Appendix A in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 18, 2005, and is incorporated by reference herein.  A more detailed summary of the 2005 Plan can also be found in the Company's definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April 18, 2005.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BLUEGREEN CORPORATION
Date: May 23,  2005
By:	/S/ ANTHONY M. PULEO
Name:	Anthony M. Puleo
Title:	Senior Vice President and Interim Chief Financial Officer