I am happy to report again our reserves and operating cash are in good shape with total cash on hand of over $3,360,000. This will give us a nice jump on our roads program. We discussed the road program a few days ago here so I will not go into detail again but it was discussed at the meeting indicating we will be saving around five million over the original plan of a year ago through much investigation of methods. There will be open meetings to discuss the plans before anything starts to get property owner input. It is looking very good.
The dredging is of course completed with final negotiation being completed to pay off the smaller amount still due. The late penalty appears to be about $10,000.00 since some of the delay was due to our changing the plan during the work. Just as a side note, Summerset is now getting bids for their dredging and the company we used is bidding about $2.00 higher per cubic yard than we paid so we got quite a deal and came in well under original projections. Nice work by our manager saving us big bucks.
Don Parisi stated the final revisions of the CC&Rs are simply too complex for him to understand even though he has been heavily involved in developing the documents. They are going to be trashed and the old CC&Rs will be used and modified as necessary. We have been promoting that idea for months so we all would know what the changes are rather than having to wade through the massive new documents. Thanks go to Don for his honesty. He spent a lot of time on these and it had to be a heartbreaking decision but he put our association ahead of his own ego.
The bylaws will still be mailed for approval of the P.O.s along with that disastrous incorporation survey. The Pride hasn’t waded deeply into the bylaws re-write so we will post here the the final version looks and how we intend to vote. Obviously the incorporation question needs to be a solid NO to stop any additional spending on this issue in its tracks once and for all. It will involve expensive legal work and opinions. The mailing should be hitting your mailbox in January. It is important to get your vote in right away to save future mailings that will add to the cost. There will be three attempts to get your vote. 30% of the P.O.’s will need to vote yes to pass the bylaws.
To avoid about $16,000 in property taxes all guest golfers must be signed in directly at the course by a resident. Tightening up access is necessary if we are to stop the taxation. Again, it is a savings to our P.O.s even though it will be less convenient.
B&B’s has sent a letter of interest to lease the Dockside Grill. Others have also expressed interest so negotiations continue. I would anticipate a re-opening in the spring by a new lessee.
The vacant lot at 109 Spinnacre has been offered as a donation to the association and it is being accepted after checking the documentation on the property.
Boat Races…There was some fairly heated discussion against the noise and closing the lake but in the end the motion passed with only one no vote by one board member. After the obvious aversion to this I would not be surprised if this will be the last race. I don’t recall any attendee giving support from the audience. The vote was surprising to many.
Disclaimer…..as always this report is from my notes and is not official minutes from the meeting. Be sure to read the Candlewick newsletter for the finalized minutes.
Ken Dillenburg