Town Center Lots
The BOD held a special meeting on July 31 specifically for “Discussion and Approval Regarding Town Square Lots”. Takeaways from that meeting are as follows:
1. The lot adjacent to The Club at Town Center (TCTC) has been sold. This is the lot the SOA BOD had previously attempted to buy. The buyer has expressed a desire to build multi-level condominiums on the property. Some have questioned whether or not this is possible given an easement restriction on the property. Apparently the buyer does not believe this to be an issue. He has also expressed an interest in the lots discussed in item 2 below for the same purpose.
2. The lots at the end of the Town Center retail buildings are now open for purchase discussions. The owner has decided not to build the originally planned “Memory Care” units and is willing to sell the property.
3. The BOD is interested in buying the Memory Care lots to accommodate future expansion of TCTC amenities. They believe this is necessary given that the TCTC will not be able to accommodate future residents as Somersett continues to grow towards 3500 home sites.
4. Identified funds for purchase would come from the SOA Capital and TCTC Project Budgets. The Capital Budget consists of funds acquired from the sale of homes within Somersett. That is, when a home is sold within Somersett part of the sale proceeds are allocated to the SOA. The TCTC Project Budget consists of funds already allocated for improvement/expansion of TCTC. Since TCTC amenities are not available to Sierra Canyon residents, only those Capital funds resulting from non-Sierra Canyon home sales would be applied. Currently non-Sierra Canyon related Capital funds amount to approximately $213K whereas TCTC available Project funds amount to approximately $75K. This equates to $288K available for purchase of the Memory Care lots. The BOD believes that this is more than sufficient for a successful purchase.
5. Based on the need for TCTC amenity expansion, the BOD approved entering into discussions with the Memory Care lot owner to come up with a proposed Purchase Agreement or Letter of Intent (with appropriate conditions) to be presented and voted on at the August 27 BOD meeting.
6. Discussions related to the above included: 1) using the property for joint Somersett – Sierra Canyon usage, 2) use of the Sierra Canyon related Capital funds, 3) SOA CC&R applicability (present and proposed amendments) to the lot purchase, 4) the Memory Care lot owner preference to sell to the SOA rather than a developer, and 5) maintaining the existing CC&R’s applicable to the commercial Town Center property, which apparently due to the foreclosure process, no longer applies to the lots discussed above.
CC&R Vote Extension
The voting deadline for the CC&R Ballot submittals has been extended once again to October 11, 2014. The BOD, in an attempt to obtain the required number of approval votes, has hired a third party to conduct a door to door campaign of those who have not yet submitted their ballots, encouraging them to do so.