The second homeowner information meeting on the proposed new agreement with the Somersett Golf & Country Club (SGCC) was held at The Club at Town Center on December 4th, with approximately 30 attendees. The next meeting is scheduled for the Aspen Lodge on January 14th at 5:30 PM. If you have not attended one of the previous meetings, please put the January 14 date on your calendar.
The presentation material was the same as the November 23 meeting, which may be accessed via our November 27 Blog Article entitled “Proposed SOA SGCC New Agreement”. Some of the more pertinent Homeowner questions/comments following the BOD presentation are summarized below (our apologies for any errors in our paraphrasing):
- Question – The property deed from the Developer to the SGCC conveyed 900 acre feet of water rights to the SGCC. However, the Letter of Intent (LOI) calls for purchase of approximately 400 acre feet, what happens with the other 500 acre feet? Response – The BOD was not aware of the 900 acre feet reference, will look into it during the due diligence period.
- Question – What is the Developer getting in exchange for letting go of his reverter rights under the current property deed to the SGCC (i.e., if the SGCC fails to operate as a golf course for 12 months, the SGCC land and water rights revert back to the Developer)? Response – The Developer is not receiving any compensation or concessions from the SOA, either within or independent from of the proposed agreement.
- Question – What type of title will the SOA receive from purchase of the SGCC real estate. That is, will it be free from any conditional elements such as term limits or land use constraints? Response – It is not expected that any conditional elements will apply. That is, the land will be conveyed on a “fee simple ownership” basis. (Note: Under fee simple ownership the property owner is entitled to full enjoyment of the property, limited only by zoning laws, deed or subdivision restrictions or covenants).
- Question – What will the SGCC do with the lump sum $2.75M received from the SOA? Response – What the SGCC does with the purchase money is their business, but it is expected some will be used to build a permanent club house.
- Question – Will the BOD hire a qualified outside appraiser to assess the value of the proposed purchases? Response – Yes, this is part of the due diligence process
- Question – Has the BOD performed a cost/benefit and/or a return on investment analysis on the proposed agreement, if not, when and will this be made public? Response – No such analysis has been performed to date. However, there are many elements involved in the proposed agreement that will be addressed separately and how these may or may not lend themselves to such analysis (a lot of subjectivity here) will be part of the due diligence process.
- Question – Will the homeowner vote be accomplished via ballots mailed to all unit owners? Response – Yes, approval or disapproval requires a simple majority of all ballots cast as long as the 20% quorum requirement is achieved.
Additional questions may be submitted to the BOD via email to firstname.lastname@example.org. These will be complied, posted and responded to on the www.mysomersett.com website under the SOA FAQ section.