Second Town Hall Meeting Regarding Turnover is a Success

There was a huge turn out for the Desert Mountain Town Hall meeting on Monday. The purpose of the meeting was to give more details about the turn over of the club from the developer to the members and to address any questions that members may have. As discussed previously, there will be a vote this month about the members purchasing all of the assets of the Club to take complete control over the Club. Clearly the members in Desert Mountain are very interested in this process. It was a packed event and the parking lots were so full that people were parking on Desert Mountain Parkway.

The Advisory Board presented more information about the finances of the Club. The info was extremely detailed and clearly showed how beneficial the proposed “global resolution” will be for members. The presentation was very well received and it seemed that most members are in agreement with the plan. The Board explained how they did not have the time to find normal commercial financing for the purchase of assets prior to December 31st. As a result, a few members are forming an LLC to lend the entire purchase price to the Club on the same terms that Crescent was offering which is 6.5%. There was concern from a few members that this loan was not as transparent as it should be. The Board assured members that anyone else at the Club is welcome to participate in the LLC. This group is only providing short term bridge financing until a regular commercial loan can be acquired in 3-4 months after turnover.

It was announced that the ballots will be mailed out today or tomorrow to the members’ billing addresses. They are requesting that members send in their assessment of $16,500 with their ballot on the assumption that the resolution will be passed. If it is not passed, the funds will be refunded of course. All assessments will need to be paid by December 31st unless you sign up for the 3 year financing option which is only open to a limited number of members. The Board also encouraged members to consider a second option developed which is to pay $38,250 (instead of the $16,500). This will help the Club by reducing the amount of financing needed. If you pay the higher amount you will get a credit off of your dues for 10 years and a reduced transfer fee upon sale.

At the end of the meeting, many people left wearing “Vote YES” buttons. I believe the resolution will pass easily and in my opinion it is the best possible scenario for the Club. What do you think?

I will continue to keep you up to date on the Desert Mountain turnover news. Please contact me with any questions.

Carmen Brodeur JD
Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536
Carmen@TopScottsdaleHomes.com
www.DesertMountainHomesOnline.com