MARINA SETTLEMENT

By: Ken Silveira, Board Treasurer

As many property owners may be aware, our association has been working to collect over $1 million owed to the Tahoe Keys Property Owners Association (TKPOA) by the former owner of the Tahoe Keys Marina (TKM) for work performed in the East Channel. The work performed included weed harvesting and water maintenance activities and the replacement of the East Channel bulkhead. The cost of these activities is to be shared by all parties in the East Channel in accordance with a court-ordered judgment established in 1991.

Recovery efforts included a court trial in 2021, which ruled in our favor. However, recovery of the owed funds was complicated by the sale of the Tahoe Keys Marina to Suntex Marina Investors, LLC, which took place at the end of 2021. Since this sale, a committee consisting of three Board directors has been working with Suntex to develop a solution.

I am pleased to report that the Board has approved a settlement agreement where Suntex will pay the over $1.1 million owed by the former Marina to the TKPOA and the Association agrees to sell or swap its undeveloped parcel adjacent to the Marina if a satisfactory alternative site can be obtained. The agreement provides several options for how a land sale or swap could take place, including a lease. Suntex is to pay half the money now and the other half by the end of the year.

The undeveloped parcel adjacent to the Marina was intended to replace our current Corp Yard on Dover Dr. but it has some deficiencies, and its development has been delayed. Work is underway to develop alternative solutions to the workshop, equipment storage, and weed drying functions currently performed at the Corp Yard on Dover.

This agreement marks the start of what is expected to be a strong and beneficial relationship with Suntex.