Per the Somersett Developer, homeowner money taken from SOA funds are not enough to “save” the Somersett Golf Course for the equity members. Somersett United is working on plans to save the Golf Course for ALL Somersett Owners.
Scare tactics about the golf course going brown or the course reverting to the developer to be used to construct more homes have been most effective. Somersett Owners have been conned into believing that the agreement entered into by the Developer Controlled Board and the private equity owned golf course, without first informing owners or allowing owners to vote on the issue, was a good one.
Somersett Homeowner Association funds are being disbursed to the Private 172 member owned golf course that will amount to SEVEN MILLION FIVE HUNDRED & THIRTY THOUSAND $7,530,000.00 over 10 years. (About $30 of your dues/month).
Many homeowners with financial expertise and SOA board members (including Blake Smith in the RGJ) have expressed the opinion that even with the current homeowner’s money the golf course cannot survive financially. If the course fails, the Developer will end up owning the golf course, after ALL Somersett Homeowners have paid large amounts in maintenance and taxes for a number of years.
The 172 golf course private equity member owners seem to believe that they have the right to ask/demand that the rest of the 2,415 property owners bail them out so that their investment will be protected and they can maintain their status as private golf course members.
Most of the non golf course owners including the Somersett United folks, which the Golf course owners call “Kooks” and accuse of wanting to “split the community”, in reality want:
- The Golf Course to survive to the benefit of all Somersett Owners, and
- Value for their money in the form of an equity interest in the golf course for the entire community.
Another option, which results in a substantial reduction in expenditures, would be for the city to take over the Somersett course replacing the Rosewood course, which is losing nine holes to road construction.
If homeowner’s monies are going to pay for the course they should own it.
Furthermore many homeowners have expressed the opinion that in order to survive, the course needs to go 100% public, be 100% community or city owned. This is a plan which the entire community can support, rather than the present arrangement which supports the lifestyle and wishes of a small minority of 172 owners at the expense of the great majority of the owners in Somersett.
You be the judge, add your comments in the Somersett United Blog.