The Pitch You Weren’t Supposed To Hear
Utilities
Show Me the Financial Documents
We’re closely following the response to the questions posed by Bill Masters about money issues at Lake Holiday. So far, a few emails have been exchanged, one of which has triggered calls for the resignation of at least 1 director, Noel O’Brien. We’ll update this post as additional responses are received.
It’s Time For Answers
Bill Masters, a longtime Lake Holiday resident, has sent an email to John Martel, LHCC’s Treasurer, and most of the other LHCC directors. His email addresses a topic important to us all: money. He makes a request for additional documents and asks to get answers to certain questions.
Embattled LHCC Board Lockes Down The Hatches
Does the embattled LHCC board of directors play fair? Is it dominated by people unduly favorable to Miller & Smith who will bend the rules to protect their entrenched positions? Judge for yourself.
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Hogwash, Chris
There’s a lengthy post on LHCC’s website alleging that there is “confusion…generated by a builder” about how to get utility service to a membership lot. We agree that there is a lot of confusion, but the real source of this confusion is Chris Allison. He’s written that the current governing documents prevent the Association from getting utilities to membership lots. We’ve consistently said this is not true. In this post on LHCC’s website, the Chris Allison lie is repeated:
The Association cannot legally use Association Membership funds to extend the utilities.
So let’s see who is telling the truth on this important point.
Dear Miller and Smith
Attn: John Conrad
We’ve received the letter you distributed in response to our mailing seeking support for a Special Meeting to remove certain directors.
You seem to be living in the past and out of touch with today’s events. You write that the “Association now has a record of prompt payments and receipts.” That was the past. The Association has nearly depleted approximately $2 million in cash and is seeking to borrow money. This is the present reality. You write that “the real estate values of [our] homes and properties have increased substantially in the past five years.” That was the past. Nearly every piece of real estate appreciated dramatically in the past 5 years. But now, the ubiquitous signs along Rt 522 of one of your company’s own builders offering 100% financing are a testimony to a simple fact of today: those homes aren’t selling as they did in the past, and the appreciation is reversing direction. This is the present reality.
What You Weren’t Told About the Utility Sale
From the very beginning, LHCC members have not been told the whole truth about the Utility sale.
Chris Allison has led members to believe that we are trying to block the sale of the Utility. That’s simply not true. We do not believe it is good business to invest nearly $1.5 million in an asset and then shortly thereafter sell it for much less. Unfortunately, although we believe it is a bad deal, it also a done deal. There is a binding contract in place between the parties. It’s informative to look at some important provisions of this contract to see just why it’s such a bad deal as it is currently proposed.
In February of 2006, Chris Allison wrote that the utility sale “results in nearly 2 1/2 million to LHCC….” But he omitted that almost 50% of this amount is contingent on an aggressive building program and therefore may never be received at all.
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Can I Please Have My Wastewater Treatment Plant Back?
There are mistakes. Then there are doozies. How can we describe transferring title to $497,900 of real estate – but not collecting any money? That’s a mistake that is over 16.5 million times bigger than our earlier post on the issue of 3 ¢.
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Is This Your Membership Lot?
The 2006 Budget for LHCC projects that Membership Lot owners will pay over $400,000 in assessments this year. By the end of the year, Membership Lot owners will have paid almost $1.2 million in the 3 years period from 2004-2006. Add in over $200,000 in capitalization fees paid on the sales of Membership Lots in the period of 2004 through the end of March, 2006, and the Association has received over $1.4 million from Membership Lot owners in the recent past.
Shame On You, Chris Allison
You’ve worked hard to personalize your attack on us in order to avoid addressing a rapidly increasing level of concern among members. You’ve sent out a personal attack letter. You criticized us for making a legitimate filing with the SCC on the proposed utility sale. But we will work harder to stick to the important issues facing Lake Holiday.