1 / 11

TOWN MEETING

TOWN MEETING. January 17 th 2006. AGENDA. 2006 Budget Major Maintenance Funding Crisis Funding Solutions Tract C Sale. 2006 Budget. 2006 Budget. Current Property Maintenance Issues. Assumes No Additional Emergency Funding. Possible Funding Solutions. Sale of Tract C

raja-everett
Download Presentation

TOWN MEETING

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. TOWN MEETING January 17th 2006

  2. AGENDA • 2006 Budget • Major Maintenance Funding Crisis • Funding Solutions • Tract C Sale

  3. 2006 Budget

  4. 2006 Budget

  5. Current Property Maintenance Issues Assumes No Additional Emergency Funding

  6. Possible Funding Solutions • Sale of Tract C • Single special assessment • Single payment • Payment over X years • Increase in HOA Dues • Decrease funding time • Pay Bank financing • Add HOA services with fees • Pay for monthly Parking at Boat dock lot

  7. Sale of Tract C

  8. Tract C Sale • Real Estate Broker’s Agreement • Exclusive World of Homes • Tract C for sale for $550,000 • Contract period 8/24/2005 to 8/24/2006. • Early termination penalty of $1,000 • Some use restrictions

  9. Currently Agreed Restrictions • Sales agreement, stipulates that the intended “…..use “ • non-offensive with the single family residential use of Lake Ajay • Compatible uses shall be considered that of a • convenience store, pharmacy, financial institution, restaurant • “Offensive uses” include but are not limited to, • bar, nightclub, liquor store, storage facility • All points are negotiable. • Potential buyers are not required to use the LAVHO P&S. • Specific covenants must be made a part of the deed restrictions at time of sale to make certain subsequent sales of the property are consistent with original use stipulations

  10. Offers Received to Date • First Bidder: • Initial offer of $700,000 • Escrow deposit of $5,000 and five-year closing period • Offer was accepted on February 8, 2005, with a $35,000 escrow deposit. • The buyer terminated the agreement on March 4, 2005, • Remediation of the property was too costly to pursue. • Second Bidder: • Verbal offer of $250,000, declined by the Board. • Second offer: $350,000; received November 29, 2005 • Escrow deposit of $10,000; • 6-month closing period; • No protections for LAVHO; • Declined on December 13, 2005

  11. Pending Offer for Tract C • Third Bidder: • First offer of $500,000; received October 4, 2005 • Escrow deposit of $25,000; • minimum 12-month closing period • Declined by the Board. • Second offer of$500,000; received December 13, 2005 • Escrow deposit of $25,000 • Minimum 8-month closing period with maximum of 12-month to closing • Response to be given by January 31, 2006

More Related