Information Presentation Recap.

SGCC Lease Agreement Modification

At the Homeowner Information Presentation held Tuesday May 28 at the Town Center, the SOA Board of Directors (Fakonas, Kirby, Lee) presented a concept whereby the current Country Club (SGCC) Lease & Management Agreement would be scrapped and replaced by a long term agreement that would result in SOA ownership of 5.5 acres of SGCC land.  The land in question being the site of the existing Parking Lot, Pro Shop, Sunsett Grille, Golf Cart Garage , Bocce Ball Courts and the yet to be constructed hard surface Sport Court and 9 Hole Putting Course .  This in exchange for $15/month/unit (up to a maximum of 3000 units) of homeowner assessments being tendered to the SGCC for an 8.5 year period.  After which the land in question would be deeded over to the SOA, representing a price tag of $4.0 – 4.5 million.

The stated benefit being that the SOA would then own the Bocce Ball Courts, Putting Course and Sports Court that were constructed with SOA funds, which is not the case under the current agreement, wherein the SGCC would retain ownership of these facilities.  Also, the SOA would have additional property on which to construct future amenities, an indoor year around swimming pool was mentioned as a possibility.

The BOD emphasized that these were preliminary discussions; no agreements have been reached, and acknowledged there are many details yet to be addressed.  Three of which are 1) restrictions regarding sale of the club to protect SOA interests, 2) negotiations with the Somersett Development Company (SDC) for modification of the current SGCC land deed wherein if the SGCC fails to operate as a golf course for 24 months, all water rights and ownership of SGCC land revert back to the SDC, and 3) what terms of the existing agreement may or may not be retained it its replacement.

Many homeowners were in attendance and numerous concerns, comments and questions were raised during the open discussion period, which are too numerous to repeat here.  Suffice it to say that most questioned the wisdom of the presented long term concept. The session was recorded and an audio transcript will be made available on the SOA website.  The SOA Board has solicited input from all homeowners who wish to contribute their opinions and/or ideas.  You may do so by writing a letter to the Board or sending an email to soa@mysomersett.com.

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