Let’s Make a Deal
Our board has used its business judgment to make a deal with the developer concerning Rec. Center #3. The board decided the deal is in the best interests of Sun City Anthem. I would like to take advantage of their business judgment too.
Here is my proposed agreement:
The Association gives me $1,375,000. I get to keep this money for three and a half years with no obligations what so ever. After three and a half years I agree to give the Association $191,190. A year or so later I agree to begin paying a portion of the electric and gas utilities bills for Rec. Center #3 and continue such payments for the useful life of the original “Greening” features included in Rec. Center #3.
The Association will begin saving money immediately upon the initializing of the payments by me. I agree to establish a trust account to assure such payments continue if I do not survive the useful life of the original “Greening” elements included in Rec. Center #3.
I think this is a pretty sweet deal for me. It is the same deal the board made with the developer. If it is good business for the Association to make this deal with the developer it should be an equally good business to make this deal with me.
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October 22, 2008 at 07:14
MORE SMOKE AND MIRRORS
Regarding the “deal” made on Rec center #3, there was another strange “Deal” made months ago between the association and Del Webb. It was called “THE VILLA AGREEMENT”.
Regarding that Villa agreement, Mr. Robert Maddox (Nevada’s Lawyer of the Year - 2007), said of that Villa agreement (quote);
“The fraud here was perpetrated on SCACAI, and in particular on the owners of units in the Villas and Pinnacle, whose reserve account within the larger Sun City Anthem Community Association reserve account, was allowed to be seriously under-funded by the developer.”
The under-funded neighborhood reserves WERE PROVEN by the 2006 reserve study that was adopted by the BOD, and was also properly registered with the State of Nevada. Instead of requiring the developer to adequately fund the neighborhood reserves (as called for by Nevada Statute), the BOD decided to raise the Villa homeowners dues in 2007 by $500 each instead, and by doing so generated an additional $81,000 that was used to shore up the sagging and inadequate reserves left by the developer at transition.
Now the board claims to have “revisited” the past and found the 2006 reserve study to be in error. Now the board claims that not only were the prices used wrong, but that our Villa homes have shrunk in size and less paint is needed to paint the outside surfaces. Now the board claims that because the errors have now been corrected, the under-funded condition of the neighborhood reserves never even existed. That conclusion was reached of course AFTER the additional $81,000 was considered.
Bottom line - If the BOD (with the exception of Bob Frank) would be willing to do this to the members who live in the neighborhoods, why is it any surprise when they allow the developer to walk away with out adequately explaining how this 1.375 million disappeared into a sea of “Green”?