I am concerned about the upcoming vote on the proposed financing of the theater.
First, we hear from the supporters of the loan that it will not cost current residents a dime. Yes, the money will come from the $1500 resales fee.
However, new buildings cost money to maintain. And those costs are funded by our annual dues. And, we are always subject to the loan company coming to us if we cannot meet the agreed-upon loan payments.
Secondly, before decisions are made on the theater, we need to see the rest of the long-range plan. If we take a loan, we need to know what other facilities are desired by the residents — AND what is planned regarding the use of space that is being freed up by the current construction — like the current info center, the photo club, etc.
It seems to me that we have one subject after another that comes up — and all our attention is on that one issue — examples: The café, the theater, the landscaping on Pebble Beach. Our attention is drawn away from the Long-Range Plan.
When we vote, we need to have more specifics about the theater: Is it to be a stand-alone structure or part of a multi-purpose building? I strongly feel that if we go ahead with a theater, it should be part of a multi-purpose building.
The best example is the Kings Point main clubhouse, which has a large social area, then a café, rest rooms, and the Borini Theater. The social area serves as a theater lobby as well as an area that is available all the time for people to meet, to eat, to listen to music, and use the rest rooms. It is truly multi-purpose.
If the theater is a stand-alone building all those facilities have to be duplicated. Not only would we have to incur more costs, but those facilities would not be utilized as often.
Key question: if we have a simple question: “would you support taking a loan to build a theater?” we are voting in the dark if we do not have the following :
1. How does it fit in the long- range plan?
2. Will it be a stand-alone structure or not?
3. What is the amount of the loan, and what is the breakdown of the costs of construction? “Up to $3.5 million,” means nothing to us.
4. How long will it take to pay off the loan — and how long will it take before other facilities can be built?
Sun City Center
In April 2012 Northern Trust proposed advancing the SCC Association a $3.5M advance for its building program. Under the proposal only resale home buyers would repay the amortization over a 5-year period. Their only recourse was the resale funds. Incidently, by January 2016 when construction would begin, the CA would need $2.6M to build a café, entertainment/theater, office expansion and renovate another building. If the association waited until it had sufficient funds to build, the cost of construction would increase $1.0M ± interest on the advance from N.T. would be $500,000 or a saving of $500,000.
Finally on August 18, 2014 the Treasurer presented a letter from BB&T. It was not on letterhead or signed by an officer of the bank. His main reason for recommending to the Board the BB&T offer was that they have been doing business with them for 5 years. Even though BB&T had been sitting on a major portion of CA assets for many months, he was unable to leverage a better offer from the bank.
The Board voted 5 to 4 for the BB&T proposal. The members of the Board have not done due diligence and fulfilled their fiduciary responsibility to the members of the SCC community. It has accepted a proposal that has full recourse against all CA assets, including CA dues, and is charging a higher interest rate. Sounds like Washington D.C., doesn’t it?
Sun City Center
The complaints against Mainscape have to stop immediately. This company has done its best to service this community with the resources it has. The residents of Kings Point have not given them a chance and it’s time we stood up in support of them. My proposal is simple and would not require a lot of time or monetary requirements to solve some of the most evident problems:
1. If every resident of KP donated $3, MS would be able to purchase the stump grinder it so desperately needs to complete the numerous work orders requesting the removal of dead/diseased palms/pines.
2. If every resident of KP donated one day of the month to help with the weeding and pruning in their own association, MS would be able to come close to adhering to the 10 prunings per year required in the contract; let alone maintaining weed-free beds at all times.
3. If every resident of KP would purchase a hose and sprinkler (like the ones our Dad used), MS would not have to go through the exhaustive process of upgrading our irrigation system, which was left in total disrepair after Valley Crest left on such short notice.
4. If every resident of KP would purchase a pair of work gloves and give them to a worker, MS would not have to burden its employees with picking up the very sharp clippings from the bougainvilleas with their bare hands.
5. If every resident of KP would take 3 linear feet of pond edging and remove the high weeds, MS would not have to endanger their employees from protective alligators and unsuspecting snakes. Please note: DO NOT FALL IN THE POND. (Marge of Glouster is still recovering from her fall in the pond and subsequent climbing out into a nest of fire ants. Her bacterial infection is under control; well wishes can be sent to South Bay.)
Give Mainscape a chance! Give of some of your time and money for a good cause. You have all the time in the world; how much golf can you really play in this heat? And with all the money you’ve accumulated over your many, many years, you should want to help the less fortunate. Mainscape is here to help KP; now it’s KP’s time to help Mainscape.
Get out there and do your part; and STOP COMPLAINING!
Tee in CHEEKtawaga