The Somersett Owners Association Board of Directors (BOD) will be holding their open Board meeting on Tuesday, October 22nd at 5:30 PM in the Loft. For those interested in attending, the meeting agenda may be accessed via the following link: October 22 BOD Meeting Agenda
Of particular interest are the following Agenda items – SU comments follow:
Item 6 a) “Moana Ch. 40 Status” – Ongoing litigation against Moana Nursery regarding main line irrigation system construction defects.
Item 6 b) “Review and Discussion of SGCC Stipulation with NRED” – Possibly an update on negotiations with the SGCC regarding the new agreement to be voted on by homeowners. At the September BOD meeting, the BOD President stated he hoped to have a finalized agreement in place for the October BOD meeting.
Item 7 d) “Review and Approval of 2014 budget including special projects” – Always of interest. Budget summary may be accessed via the following link: 2014 Budget Presentation
Item 7 e) “Review and Approval of the updated 2014 Reserve Studies for each cost center” – Should include an update on litigation against the Developer for underfunding of Reserves, the most blatant attributed to the TCTC. See Item 7 f) below.
Item 7 f) “Review and Approval of the transfer of $200,000 to reserves for TCTC – This represents special project money originally budgeted for purchase of land adjacent to the TCTC.
Item 7 l) “Discussion of alleged violations of NRS 116 regarding the Country Club Lease Agreement” – Most likely pertains to a homeowner letter to the BOD alleging it is their fiduciary responsibility to terminate the existing Lease Agreement until replaced and ratified by homeowner vote. Homeowner letter was previously posted on this website and may be accessed via the following link: SGCC Lease Agreement Termination Letter.
Regarding Item 7 l), the BOD president has stated that a YES vote on a new agreement will supersede the existing Lease Agreement, whereas a NO vote will not terminate it. Many do not see the logic in this approach. Especially being that the new agreement is supposed to be more beneficial than the existing one, one which the Nevada Attorney General’s office has determined to be illegal. The referenced letter identifies that per Nevada law the BOD has the authority to terminate the current agreement (without recourse) if so desired.
Homeowners are encouraged to attend and provide any comments you may have on agenda topics or other issues of concern. Given the controversy surrounding the SGCC Lease Agreement and its significant financial impact on the SOA, homeowner feedback to the BOD is especially important. If unable to attend you may submit comments to the BOD via email at: email@example.com.
Website comments are also encouraged.