THE News of September 2009 - ISSUE #14 ...an official publication of the Community Association
September Dates to Put on Your Calendar
Labor Day Pool Party 7th Outdoor Pool 4 to 6:30 p.m.
Check out the CA web site: suncitycenter.org
Golf Course Town Hall Meeting Explains Options to Residents On August 13th, President Ed Barnes opened a Town Hall Meeting with a 20-minute PowerPoint presentation about the current status of the golf courses for the nearly 500 residents in
either or both courses. (30 days to notify WCI that we have an interest and want to proceed to get membership approval.) -The deal must close in 120 days.
SUN CITY CENTER COMMUNITY ASSOCIATION
TOWN HALL MEETING Wednesday, September 9, 2009 Community Hall 7:00 p.m. to 10:00 p.m. DETERMINE MEMBERSHIP INTEREST IN
CA Board Meeting
NORTH & SOUTH GOLF COURSES
9th 9 a.m. Rollins Theater
Town Hall Meeting
9th Community Hall 7 to 9 p.m.
October 15th Board of Director Applications Due
CA President Ed Barnes gives PowerPoint presentation. attendance. As noted on this page, another Town Hall meeting is scheduled for September 9th in the evening that will provide updates since the first meeting. Once his presentation was completed, he opened the meeting up to the residents to ask questions and give their thoughts. By show of hands, it was determined that the audience was about 60% golfers. The presentation in its entirety is posted on the SCC web site, suncitycenter.org, and is available in hard copy at the CA office.
WCI and the 1984 Agreement The medallion that Dave Brown received from Senator Storms. See page 8. On the Inside CA President’s report.....2 CA Schedule..................2 Entertainment Corner....3 Club Happenings...........5 CARE.............................9 Atrium update...............11 Golf.........................12-13 Consumer Affairs.........14 Fitness Corner..............14 Movies..........................15 Newcomers..................15
As stated on page 2 in President Barnes’ report, the 1984 Agreement was the settlement of a lawsuit that involved many issues. Article XVIII of the Agreement pertains to the sale of golf courses: •We have right of first refusal to buy either or both the North and South courses. •If an offer is received or WCI puts either or both on the market, they must notify the CA in writing of the specific terms. •The CA has 120 days following notice to purchase
•If we don’t exercise the right of first refusal and WCI has an offer from a third party that does not close under similar terms, then the right of first refusal is again re-instated.
WCI’s Offer On July 17 th , the CA received a letter from WCI listing the terms of the sale of three of the golf courses in Sun City Center: 1.Three courses for sale “as is” (Editor’s note: It was unclear exactly what is included in the offer, e.g. the Golf and Racquet Club.) 2.Price: $3.9 million
– cash at closing. 3.Deposits: $200,000 upon signing a contract to commence inspection and $390,000 payable upon completion of inspection. 4.Closing date: 11 days after Bankruptcy Court approves contract or 120 days if we exercise our right of first refusal. The plan is to hold WCI to the terms of the 1984 Agreement in terms of time frames. There will be another town hall meeting for more discussion, and then, possibly, a referendum in late September or early October. WCI has other ideas about the time frames involved, but the 1984 Agreement is pretty clear and may result in a fight depending on the direction the CA will go.
Owning the Courses It is possible for the CA to consider ownership of the golf courses. The first major issue is funding. The CA does not currently have funds to buy them. Possible sources that would need
membership backing: -Outright purchase by assessing all members to raise capital ($500 assessment per member) -Private lending from banks by putting golf courses and other CA assets up as collateral (10% down, 15-year payback, $50 assessment for down payment; cost to members would be $43 per year) -Float a bond issue similar to Kings Point buyout of amenities making a monthly payment (20-year bond would cost members $43-$47 per year; 30-year bond would be $36-$40 per year) -Public funding: setting up a dependent tax district where all homeowners are assessed an ad valorum tax If CA owns the golf courses, it must be a breakeven operation. Losing money will result in a special assessment on all members. If the assessment is rejected, See Golf Courses page 7
Barnes takes comments and questions from the CA members at the August Town Hall Meeting.