Country Club Presentation to Equity Members

somersett UnitedThe Somersett Golf & Country Club (SGCC) presentation to its membership, wherein they make the case for the proposed new SOA SGCC Agreement, may be accessed via the following link:

SGCC Letter of Intent Presentation

Interesting points contained in the SGCC presentation, are as follows:

  1. Reference is made to the Nevada Attorney General investigation (i.e., violations of Nevada Law associated with the current SGCC Lease Agreement), and the Agreement To Stay Investigation by the AG to allow time for a new agreement to be negotiated and voted on by Somersett homeowners. This document may be accessed by clicking on the preceding link.
  2. SGCC equity membership has decreased to 116 members.
  3. Without the SOA assessment contribution of $15/month the SGCC would be operating at a loss (unspecified).
  4. The SGCC would have a higher probability of success if they had a permanent clubhouse facility. As such, the proposed purchase funds of $2.75M would be used to construct permanent facilities, as well as adding to their reserve fund.
  5. It is apparent the SGCC Board prefers a “sale/lease back” option, as described in the proposed new agreement, over a “go it alone” option, but it will be up to the equity membership to decide on via vote.
  6. The sale/lease back option does not involve any homeowner assessment funds being paid to the SGCC.  Only a $2.75M lump sum payment by the SOA for purchase of the SGCC real estate and water rights.  No increase in homeowner assessments will be required to pay off a SOA loan to finance the $2.75M lump sum payment.

Readers are encouraged to access and read the above document links as well as the SOA presentation material and Letter of Intent contained in the previous Blog article entitled “Proposed SOA SGCC New Agreement”.   The SOA SGCC Agreement is perhaps the most important measure Somersett homeowners will be asked to vote on during their Somersett residency. This is not the time to be apathetic.  As, such, SU will do our best to keep readers informed as details develop in the months ahead.