2017 Budget Presentation Rescheduled

somersett UnitedSubsequent to our previous post, the SOA Board announced late today that the 2017 Budget Presentation Meeting has been rescheduled as follows:

  • 2017 Community Budget Presentation
  • Wednesday, November 2nd at 5:30 PM
  • The Club at Town Center, Canyon View Room

This comes just one day after the original schedule announcement with the stated reason being due to unidentified “scheduling conflicts”. Appears like the left hand does not know what the right hand is doing! Oh well, at least the new date provides homeowners with more time to make themselves available. A complaint registered in our previous post.

2017 SOA Budget Presentation

somersett UnitedWant to find out what your proposed 2017 assessment dollars are and where they will be spent?

The SOA Board has scheduled a homeowner budget presentation meeting to be held as follows:

  • 2017 Community Budget Presentation
  • Friday, October 28th at 5:30 PM
  • The Club at Town Center, Canyon View Room

It is assumed that, as in the past, the budget presentation will individually cover the 2017 Budgets for the General Common, The Club at Town Center and the Private Gates and Streets cost centers. Also reserve study information. The presentation is a prelude to the 2017 Budget Package to be mailed to all homeowners for ratification at the November 16th Annual Homeowner Meeting

This is will be your only chance to voice your concerns/opinions on the proposed budget in an open forum.

Comment  –  It would have been nice if the SOA had sent out the homeowner email announcements for this presentation prior to October 25th (at 5:15PM).  This to give homeowners ample time to schedule their weekend activities.

 

October 26th Board Of Directors Meeting

Somersett United
Somersett United

The Somersett Owners Association (SOA) Board of Directors (BOD) will be holding their open Board meeting on Wednesday, October 26th at 5:30 PM in the Canyon View Room at The Club at Town Center. For those interested in attending, the meeting agenda may be accessed via the following link:

october-26th-bod-meeting-agenda

Agenda Topics of note include the following:

  • Reports  –  Section of meeting wherein the various SOA Committees, Community Manager and BOD president report on their activites and recommendations.
  • Legal Update  –  Not clear from the topic description what these litigation issues are all about.
  • Fire Fuel Reduction Plan  –  Of particular interest to homeowners adjacent to brush areas.
  • 2017 Budget including Special Projects  –  Any projected impact on Association dues?
  • Tree Mapping RFP  –  Believe this relates to removal & relocation of Common Area trees that do not meet visibility requirements at street intersections.
  • Staff Incentive Payout Approval  –  Interesting topic given the unplanned turnovers in management company (FirstService Residential) personnel.
  • Committee Recommendations  –  No indication of what these recommendations are, but interesting to see what our SOA Committees are recommending for the betterment of the Association).

As in all open BOD meetings, at the onset of the meeting, homeowners will have the opportunity to ask questions or provide comments on any of the posted agenda topics. After the BOD concludes their discussion on agenda topics, homeowners will have an additional opportunity to comment or ask questions on any topic relative to the Association. In the interest of time, homeowner comments/questions are limited to three minutes.

Town Center Lot Purchase

Somersett United
Somersett United

The 39,600 sq. ft. lot (i.e. see parcel 232-051-10 on the Somersett Town Center link) adjacent to The Club at Town Center has again been sold. According to Washoe County Assessor records, the buyer was Town Center TH, LLC and the purchase price was $320K.

This lot was previously purchased in June of 2014 by Somercom, LLC from Nevada State Bank for $150K. Nevada Bank had acquired this property at auction in 2011 following loan default by the Developer (i.e., Somersett Development Company). This lot is also the one the SOA unsuccessfully attempted to purchase back in 2012 for $210K.

It is interesting to note that the Managing entity for Town Center TH, LLC is Shandon Park Investments, with a mailing address of 2290 Painter River Trail here in Somersett. This is the same address for TAF2014, LLC, who is listed as the Managing entity for Somercom, LLC.   There is obviously some connection between Shandon Park Investments and TAF2014 (hence,  Town Center TH, LLC and Somercom, LLC), given the commonality of address and an Isabel Plater (also Isabel Plater-Pollock), who is listed as a Manager for both.

Given the ongoing problems associated with development of the Town Center properties, perhaps Ms. Plater-Pollock, or a Town Center TTH, LLC member, can provide some insight on the purchase and what their plans are for future development of this parcel.

While on the subject of Town Center properties, perhaps someone from the SOA BOD or Strategic Planning Committee can also provide an update on plans for the two lots (see parcels 232-051-16 and 17 on the Somersett Town Center link) purchased by the SOA back in November of 2014.

Meet Your SOA BOD Candidates

somersett UnitedSix Somersett Residents have announced their candidacy and filled out the proper forms to run for the three Somersett Owners Association (SOA) Board of Director (BOD) positions up for election this year. They are as follows:

 

  • Ryan Burns
  • Joe Fadrowsky
  • Thomas Fitzgerald
  • Thomas Hedges
  • Jeff Limpert
  • Richard Molezzo

Of the preceding, Mr. Fadrowsky is the only incumbent (currently the SOA Treasurer) running for reelection. It was previously reported on this website that Mr. Fadrowsky would not be seeking reelection. This was obviously erroneous, for which we apologize to Mr. Fadrowsky.

Your opportunity to meet the candidates, hear their statements, answer questions formulated by the SOA Election Committee and ask your own questions will be available via two “Meet the Candidate Nights” scheduled as follows:

  • October 19th – 5:30 PM – The Club at Town Center
  • October 20th – 6:00 PM – Aspen Lodge

Candidate Submittal Forms and Supplemental Statements (for those who submitted one) may be accessed by logging on to the Association’s my.somersett.com website, selecting “SOA” from the left side menu and scrolling down to the “2016 Board Candidates” link.

SOA members will soon be receiving their Ballots and Candidate Statements in the mail. Ballots must be returned by November 15th to be counted at the Annual Homeowner Meeting scheduled for November 16th.

2016 Board of Director Candidates Wanted

somersett UnitedThe October 14th deadline for Somersett Owner Association (SOA) Members to announce their desire to serve the community by running for open Board of Director (BOD) positions is fast approaching.

As previously posted, the SOA BOD positions currently held by Susan Novell (President), Joe Fadrowski (Treasurer) and Tony Fakonas (Vice-president) will expire November 16, 2016. New elections will be held to fill these positions for a two year term via ballots mailed to all Association members on or about October 21st. Ballots must be returned by November 15th to be counted at the Annual Homeowner Meeting scheduled for November 16th. Currently, Board Directors Ms. Novell and Mr. Fadrowski have announced their intent not to run for re-election, with rumors that Mr. Fakonas will follow suit.

Board Candidates must complete the required Candidate Form and return it by October 14th to the SOA office at The Club at Town Center (TCTC). Along with the required Form, Candidates may also include a one page “Candidate Statement” supporting their candidacy. Candidate Forms are available at the TCTC or may be downloaded via the following link:

2016-bod-candidate-form

New participation on the BOD is always a good thing. If you feel qualified and have a desire to serve your community, you are encouraged to “throw your hat in the ring” and submit your Board Candidate Form and Statement.

SGCC 2015 Financials

somersett UnitedIn light of the Somersett Owners Association’s (SOA) investment in the Somersett Golf and Country Club (SGCC), which totals  approximately $5M to date, as well as potential future liabilities, SU considers the SGCC’s financial health to be of interest to many Association members. Hence the following that summarizes the SGCC total revenue and expense data for the years 2010 thru 2015. This data was obtained from the SGCC’s IRS Form 990 submittals, which due to the SGCC’s non-profit status, are publically available. Note that the 2015 financials represent the first since the SOA’s purchase and leaseback of the SGCC property and water rights. SGCC 2016 financial data will not be publically available until as late as June 2017.

Year Equity Members Total Revenue Total Expenses Revenue Less Expenses SOA Contribution Notes
2010 188 1,990,652 2,550,940 -560,288 0 1
2011 152 2,087,950 2,715,815 -627,865 0 2
2012 129 2,645,620 2,613,692 +31,928 ~435,000 3
2013 115 2,918,754 2,815,109 +103,645 ~440,000 4
2014 194 2,729,114 2,695,062 +34,052 ~360,000 5
2015 220 995,670 2,581,250 -1,585,580 2,750,000 6

 

Notes:

  1. 2010  –  Year the Developer (Somersett Development Company) accomplished early turnover to the SGCC Equity Members.
  2. 2011  –  First year SGCC was run entirely by Equity Members.
  3. 2012  –  In late 2011, the Developer controlled BOD voted to divert $15/month of homeowner assessments (i.e., SOA Contribution Column) to the SGCC via a “Lease Agreement” in exchange for some SGCC access amenities. Agreement was to run for three years starting in January 2012 with optional 3 and 4 year renewal periods. Main purpose being to subsidize the SGCC’s operating losses.
  4. 2013  –  In mid 2013, a draft complaint was generated by the Nevada Real Estate Division challenging the legality of the aforementioned Lease Agreement. Complaint alleged the agreement required CC&R amendments and homeowner vote. Complaint filing was placed on hold to give parties time to negotiate a new agreement and CC&R amendments to be voted on by all homeowners.
  5. 2014  –  Final year under original SGCC Lease Agreement, new agreement subject to homeowner vote was negotiated and subsequently voted on by Association members.
  6. 2015  –  CC&R Amendments and SGCC Purchase Agreement approved by owner majority vote. Under the Purchase Agreement, the SOA purchased the SGCC land and water rights for $2,750,000 with a subsequent leaseback of the land and water rights to the SGCC at a base rate of $1000/year (subject to escalation factor) plus an additional rent of $1200/year (fixed amount). Lease term is for 50 years with two 20 year renewal periods at the sole option of the Country Club. The $2.75M was obtained by the SOA via a 15 year bank loan to be paid back via homeowner assessments. Per the new Purchase Agreement, Association members continue to have access to certain SGCC amenities as described by the following link (extracted from Exhibit C, Section 10.3 of the Purchase Agreement):    SOA-Access-to-SGCC-Facilities

For those of those who may wish to delve into the financial details, a copy of the SGCC’s 2015 IRS Form 990 may be accessed via the following link:

SGCC-2015-Form-990

Per their financial statement, “The members of the Somersett Country Club, Inc. voted in December 2015 to use the cash from the sale to build a new facility to improve member experience per club bylaws.”