Additional questions submitted by homeowners, which have not yet been responded to follow:
- Will the vote on the new Country Club Agreement be accomplished via ballot mailings to all unit owners? What will constitute approval? That is, approval by a specified percentage of all owners, or a majority vote of a Quorum? If the later, what will constitute a quorum?
- It has been stated that homeowners will get to see the finalized Country Club agreement and information meetings will be held prior to ballot mailings. Given that the BOD will most likely present a case for approval of the agreement in both the meetings and ballot mailings, will equal time and space be given to those who may want to present an alternate case for disapproval of the agreement?
- You have stated that hiring a golf club/course consultant to value the property is part of your due diligence process. Has this person/firm been hired? Were any SGCC members involved in the selection process? When will the report be available to all association members?
- You have identified that there is a risk that SGCC will fail with this new arrangement and SOA will end up with the property. How was that risk determined? Have you reviewed SGCC’s long-term financial plans? What have you concluded from your analysis?
- The presentation states that SOA operation and maintenance of the golf course would require an immediate increase of $50-$70 monthly fees. Would you provide the detail behind these numbers including the working papers on the SOA website for SOA member viewing? Also who conducted the financial analysis?
- During the presentation you represented that Somersett property values would be negatively impacted if the golf course went “brown”. Please provide your analysis of the closing of Northgate on the value of adjacent Somersett homes pre and post-closing. Is there evidence, ceteris paribus, that the “browning “of Northgate decreased Somersett property values?
- Developments that require country club membership have lower property values than those where membership is optional, all other things equal. Prospective home buyers considering Somersett and who don’t want a golf club will buy a home elsewhere thereby limiting the potential demand for homes in Somersett. Since you have estimated the New Agreement will impact $750M of real estate, will you solicit an appraisal from a qualified independent (not currently specializing in Somersett) real estate appraiser on how the proposed New Agreement will impact Somersett property values both short-term and long-term? When will that appraisal be available to members of the Association?
- Have you reviewed the proposed New Agreement with the builders in Somersett? What is their feedback?
- Do the current CC&R’s allow the board to purchase or acquire property without homeowner approval – please cite the specific references? If it does not, can you explain why it has been implied?
- The BOD has advised that the purchase and lease back of the SGCC real estate and water rights is permitted under the current SOA CC&R’s. Please advise where in the CC&R’s this is permitted. Has a legal opinion been obtained from the SOA Attorney?
- How is it that “Developer” approval is required to annex property if, per SOA/SGCC presentation “Developer relinquishes control of the SOA board to homeowners as of Jan. 1, 2013; First Homeowner elected SOA board takes office immediately.”