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News & Community
KINGS POINT – The business of operating a big business is expected to dominate the next meeting of this community’s federation board.
And, the full scope of that business responsibility should become clear to everyone in the course of the June session, Harry Kangieser, current board president, told The Observer this week.
Directors of the KP Federation of condominium associations are slated to meet in regular session at 9 AM Friday, June 1, in the north clubhouse theater. On the agenda are several items pertaining to recent acquisition of recreational amenities for $47.5 million, plus another $5 million in transaction fees and costs. Purchase funds were loaned by Bank of America and condo unit owners will repay the lender through the monthly fees formerly applied to a lease agreement with WCI Communities.
One of the agenda items will be formal presentation of several deeds to pieces of the properties included in the purchase transaction which was consummated on April 30, Kangieser said. Because the sale transferred the amenities to a land trust under which community residents are beneficiaries and through which they can control their facilities, he pointed out, the properties are not encumbered with mortgages. Those properties – structures, land, furnishings and related equipment - include the castle-like north clubhouse with its indoor and outdoor pools, the large building immediately to the west now occupied by Prudential Real Estate, as well as two smaller structures to the south, one used by the federation as its offices and the other being utilized by WCI. The real estate offices have been leased back to WCI for $1 per year with the developer responsible for all insurance, taxes, and maintenance, the president noted. That lease agreement sunsets in 2012 or at build-out, he added.
In addition, the community has acquired its newer, two-story south clubhouse complete with computer lab as well as indoor and outdoor pools. The deal also covers the community pool in the Nantucket section, Kangieser said.
Other recreational features included in the sales transaction are the lawn bowling, shuffleboard, pickleball and tennis facilities, plus the garden club plots. Moreover, the community transportation busses and its system for maintaining internal security are part of the deal.
Not included in this transaction, the president said, are the front and rear gates. Both are in construction phases for which WCI remains responsible. The two gates effectively now are under the Master Association which, with all it controls, is to be turned over to the community upon completion of the developer’s residential building program, Kangieser explained.
The actual presentation is expected to be made by Gary Poliakoff, partner in the Fort Lauderdale firm of Becker & Poliakoff who helped structure the purchase transaction, The deeds will be received by the board on behalf of the 100 plus condo associations which, in turn, represent some 9,000 KP residents.
And that board “is a different entity today than it was on April 1,” 30 days before final closing of the amenities purchase, Kangeiser asserted this week. Board members are realizing they’re now in charge of a major business operation in the $80-million-a-year class, he added.
With that perspective in mind, the president said he anticipated board members also will be working out details of the day-to-day management of the recreational facilities during the forthcoming meeting.
Frank Surface, an attorney specializing in corporation issues who assisted with putting the deal together and whose community management company has been engaged to oversee operation of the recreational properties, is expected to be on hand for the June 1 meeting, too.
A Presidents’ Reception including refreshments will follow the meeting, Kangieser added.
The session is open to all Kings Point residents.
© Copyright 2007 by The
Observer
News Publications and M&M Printing Company, Inc.
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