Eaglebrooke Community Newsletter

Transcription

1 Inside this issue: January, 2017 Eaglebrooke Community Newsletter Annual Meeting Vote Information Pg. 1 FAQ s about CDD Golf Course Purchase Pg. 2-5 CDD Update Pg. 6 Board Candidates Information Pg. 7-8 Calendar of Events Pg. 9 Upcoming Meetings: The next ARC Meeting will be held on Tuesday, January 5:30 pm at the Clubhouse. A review of decisions made at this meeting will be shared with those present at 6:00 pm. The HOA Board will announce the list of candidates who are running for the open seats on the HOA 2017 Board, on Tuesday, January 6:30 pm at the Clubhouse. On Thursday, January 7:00 pm there will be a Public Hearing and Vote for purchase of the golf course. This meeting will be held in the Clubhouse. Note: At 6 PM the CDD will have a workshop to review last minute due diligence material. The Annual Meeting to vote for a new HOA Board will be held on Tuesday, February 6:30 pm in the Clubhouse. The Block Captains & Communication Committee meetings are canceled for January. EAGLEBROOKE HOA ANNUAL MEETING TUESDAY, FEBRUARY 21ST 7:00 the Clubhouse It is very important that all residents save the date to attend or fill out their proxy for the upcoming HOA Board of Directors election. If you are not able to attend please plan to fill out your proxy. In order for the election to count, the community needs to achieve a quorum equal to 30% total votes in Eaglebrooke, or 185 full votes. Please keep in mind club lots count as 2/3 vote. This number can be reached with either proxies or meeting attendance. Our property manager LE Wilson will be mailing out the annual meeting information with the list of candidates and proxies, please be on the look out in your mailboxes at the end of the month. It is important that every resident makes an effort to either attend or vote by proxy. Many residents have recently shown interest in getting involved, but without a quorum the votes won't count. The majority of the current board has served over the past 10 years, and has done a great job, but several of them have or will be resigning this year. Your vote matters!! The information in this Newsletter should not be considered as an endorsement from the Eaglebrooke HOA Board.

2 Page 2 Frequently Asked Questions Understanding the Potential CCD Purchase of the Golf Course and Club Facilities 1. FAQ: Where are we in the process of the CDD purchasing the Eaglebrooke Golf Course and Club Facilities? Answer: The District negotiated a limited extension to the due diligence period to allow us to complete an appraisal of the property, an audit of the current books, complete the site survey and complete an Environmental II study of some of the grounds which ends January 15, FAQ: Has the club been appraised? Answer: YES! We received the appraisal, and by the time you read this FAQ, it should be posted to the CDD website. The club appraised for $2,800,000 AS IS (meaning in its current condition without any repairs). Our actual purchase price (as is) is $2,500,000 PLUS the payoff of the equipment loan of $165,000 which totals $2,665, FAQ: The contracted sales price is $2,500,000. Why is the proposed bond issue for much more? Answer: To complete the purchase, we need to accomplish, and of course, pay for several things. Think of some of them on a much smaller scale as typical closing costs you would incur when purchasing a home. There are other items we are including to make sure if the Club is purchased, the necessary updates and repairs are made and that we have sufficient working capital to operate the club. A brief summary of those costs is listed below. Sales Price. $2,500, Repairs & Enhancements to the Club $ 435, Working Capital. $ 300, Professional Fees (appraisals, underwriting and other costs).. $ 200, Payoff of note on course maintenance equipment.. $ 165, Reserve fund and capitalized interest to 11/1/17. $ 469, Underwriter s Discount on Bond sale. $ 83, Rounding. $ 2, $4, FAQ: I have heard there are some loans outstanding and/or other items owed by the Club. Will the CDD accept those liabilities? Answer: The ONLY liabilities the CDD would be assuming are (1) the loan on the golf course maintenance equipment which is currently a monthly payment included in the operating statement of the Club; because of the nature of the loan, the CDD cannot assume it, and therefore, we would be paying that off at closing; and (2) the lease on the golf carts. Again, this is a monthly payment already carried on the Club s balance sheet. Any other outstanding debts owned by the Club (i.e., back taxes, notes payable, or other forms of indebtedness) would be the responsibility of the seller and paid off at closing. 5. FAQ: But why purchase the Club? Answer: When the Board learned of the McDonald family s desire to see the Club, we felt it only made sense for us to evaluate a purchase. Some of the possible advantages to the members of the CDD are the following: As a purely defensive move to protect the value of the residential units within the development. Although difficult, it might be possible for a third party to buy the Club and develop the land into condos or apartments. Even worse, a third party could buy the Club/course and let the Club and grounds deteriorate. Since the Club and the CDD would be under the same entity, one possible benefit would be closer scrutiny of who comes in the front gates to the Club. Residents have expressed for years a desire to see more services added to the Club. Add additional tennis courts for tournament play Better maintenance of the pool area Add a halfway house and/or health club on the vacant property on the corner by the chipping green

3 Page 3 Frequently Asked Questions Understanding the Potential CCD Purchase of the Golf Course and Club Facilities 6. FAQ: I am a Club lot owner; how does my 2/3rd vote for the HOA apply to the purchase of the clubhouse? Answer: It does not apply. There is no relation between the 2/3 vote on HOA matters and the CDD. They are separate entities with separate governing documents and procedures. 7. FAQ: What roll does the HOA have in the purchase? Answer: None, for the same reason mentioned above. 8. FAQ: If the CDD purchases the clubhouse/golf course, will they be able to change the deed restrictions in the community? Answer: No. Again, the HOA and the CDD are separate entities with separate governing documents and procedures. 9. FAQ: What gives the Golden Lakes CDD the authority to purchase the Club? Answer: The CDD was created as a special district under the authority of Chapter 190, Florida Statutes. At the creation of the CDD, the District was granted the authority to include recreation facilities within its area of operation. 10. FAQ: Do we know what the assessment for the Club purchase would be? Answer: Not exactly as we do not have all the numbers in yet. Preliminarily, we expect the assessment to be in the $400 to $600 per property range per year. 11. FAQ: How will the yearly assessments be collected? Answer: The assessment will appear on your annual tax bill. 12. FAQ: If the purchase happens, when would the assessment appear on my tax bill? Answer: The additional assessment for the purchase would not make it on your tax bill until the fall of FAQ: What will happen if the yearly assessments are not paid? Answer: The Polk County taxing authority will treat any unpaid amount as an unpaid tax assessment, and their collection procedures will be followed. 14. FAQ: How will the purchase be financed? Answer: Through the sale of tax free municipal bonds. As a special district, we can offer these bonds for sale similar to the way a city or county government does. This is a very similar process which was used to finance the original infrastructure (roads, street lights, and other common areas of the development) when the development was built. 15. FAQ: What would I get as a property owner for the Club assessment if the purchase were to happen? Answer: This has not been finalized, but at the very minimum, our intent would be to structure the assessment so that each member of the District gets access to the Club, charging privileges, member rates on food, drinks, merchandise, golf, etc. One idea that has been floated around is to make each member of the District a social member, and with that, in addition to the items mentioned above, include access to the pool and tennis courts. 16. FAQ: If the CDD buys the Club, will the Club and grounds become common area? Answer: NO. The Club management will adopt rules and guidelines for the use of the Club and course premises. Most likely these rules will be very much like the ones currently in place. 17. FAQ: Will the residents get a discount on golf and on rental of Club facilities? Answer: While nothing has been finalized as we would want the new Club management to establish rates and fees, the CDD recognizes the contribution the property owners will be providing to the Club and it would seem only fair to offer discounts.

4 Page 4 Frequently Asked Questions Understanding the Potential CCD Purchase of the Golf Course and Club Facilities 18. FAQ: Would my assessments go up if I do not golf, eat at the restaurant, or play tennis? Answer: If you are referring to the CDD assessment on your tax bill, then YES. We do not have the final number but expect it to be between $400 to $600 annually starting with the taxes due in late This is to cover the acquisition cost of the Club facilities. 19. FAQ: Who will manage the Club? Answer: We basically have two options: hire a PGA professional manager or hire a management company. In either case, the Club WILL NOT be managed by the five (5) member CDD Board. The CDD Board will solicit management ideas from the NGF and other sources. 20. FAQ: What is the difference between hiring a management company vs. a golf professional manager to run the facilities? Answer: Typically, a management company takes a percentage of the total revenue as its fee whether the Club breaks even, makes or loses money. Or they lease the Club for a set fee. In preliminary discussions with at least one management company, the structure of these management deals has changed, and while we had all but eliminated the management company as an idea, we will be taking a closer look at this type of management IF the purchase happens. 21. FAQ: Has the CDD began interviewing for this role? Answer: Since there has been no final decision to purchase the Club, we have not begun the formal interview process, although we have received interest from a couple of management companies as well as a couple of individuals interested in being hire as a manager. 22. FAQ: Will the residents have a say in what management company is hire? Answer: The CDD is always interested in hearing from members of the District on all matters. 23. FAQ: Will there be an agenda item added to the CDD monthly meeting agenda that focuses on the golf course? Answer: First, there is not a monthly CDD meeting. We typically meet four to six times a year. The frequency may increase if the purchase happens. And if the purchase happens, there will be a report at each CDD meeting on the course/club status. 24. FAQ: Will the CDD meetings continue to be at 10:00 a.m.? Answer: Some meetings will continue to be at 10:00 a.m., but we will move at least half of them to an evening meeting at the request of the residents. 25. FAQ: Will there be an opportunity for the community to voice concerns, share ideas, and participate on committees that support the golf course and Club? Has the CDD formed a committee yet to work with the manager? If not, how do they plan to create that committee? Who will be chosen and how? Answer: YES! We do anticipate creating some type of Club advisory board made up of golf members, social members, and the public at large to advise the CDD of the wants and desires of the membership as well as the general public. Again, this is all preliminary, and no final decisions have been made. IF the purchase happens, the District will solicit the members of the District to submit letters/ s indicating their interest to serve on an advisory committee to the CDD/Club. The five (5) member Board of Supervisors will choose the committee members, and the committee would report to the CDD Board. While this has not been finalized, we have discussed the makeup of the committee as follows: 1 member from the men s golf association 1 member from the lady s golf association 1 member who is a social member 1 member whose primary interest is in tennis and or swimming 1 property owner within the District who is NOT a member of the Club 2 individuals who do not live within the District who may or may not be members

5 Page 5 Frequently Asked Questions Understanding the Potential CCD Purchase of the Golf Course and Club Facilities 26. FAQ: Can I prepay my portion of the tax assessment? If so, how much of a saving will I have? Will that be transferrable if I sold my home? Answer: The assessment is anticipated to be in 30 annual installments but can be prepaid with certain notice requirements. The savings will be determined by the interest rate on the assessment. Any transferability will be determined between buyer and seller in a transaction. 27. FAQ: Why will every home pay the same amount for the purchase of the golf course? Answer: The current assessment plan has that feature. The Board will make a final determination of that at the January 12 meeting. 28. FAQ: Will a social membership be included in my annual tax assessment, and if so, what will that membership provide? Answer: This has yet to be determined, but it is an idea the District is considering. 29. FAQ: How many members does the Club need to be sustainable, to become private? Answer: It s hard to pin a number down as far as number of members. The better metrics are rounds of golf played and total revenue. We would need a consistent revenue of about $3,250,000 to $3,750,000 and between 30,000 and 35,000 rounds of golf played a year. Members currently account for approximately 1/3 of the total rounds played per year. 30. FAQ: What has the CDD done so far to be prepared for the purchase in regard to programs and facilities management? Answer: We have had several studies done to attempt to identify deficiencies that need immediate correction as well as upgrades that should occur immediately to the physical plant. The financial audit will tell us the condition of the bookkeeping procedures and give us an idea of how much change, if any, will be needed there. We also have an agreement in principle to allow us to bring in our manager 30 to 45 days PRIOR to the final closing to facilitate a smooth transition and begin to implement changes that he/she deems necessary. 31. FAQ: I have heard there is some damage to the steel supports at the cart barn. How is that being addressed? Answer: The current owner was unaware of the deterioration of the steel. One of the building inspections the District initiated identified the deficiency. WE have an agreement with the seller for them to fix this at their cost OR for the District to receive a credit at closing for this work if it is not completed by closing. 32. FAQ: Has the CDD received ideas from the community of what they want, or has the CDD conducted a survey asking the residents of what they would like? Answer: We have begun to prepare a survey. But since a final decision to purchase the Club has not been made, the survey has not been sent out. 33. FAQ: What is the timeline for the rest of the process? Answer: January 9, Final due diligence items due to the District January 12, CDD workshop and meeting to review all due diligence, public hearing and vote January 15, Due diligence period closes Assuming the vote is to complete the sale January 20, Hearing to validate the assessment bonds January 16, send solicitations for Club management professional and management companies January 23, send out survey to CDD members and non-cdd members of the Club February 3, surveys due back February 1 through 17, interview management candidates March 1, manager starts March 31, actual closing date on purchase 34. FAQ: How do I stay informed? Answer: Please visit the CDD website for updates, As we move through the process, any special meeting dates will be posted there along with all minutes of past meetings.

6 Page 6 Golden Lakes Community Development District (CDD) Update PUBLIC HEARING & VOTE FOR PURCHASE OF THE GOLF COURSE is scheduled for JANUARY 12, 7:00 pm As a property/home owner, you should have received a letter from the Golden Lakes Community Development District ( District ) during the week of December 12, This letter provides a notice of public hearing to be held by the CDD on January 12, 2017 at 7:00 PM at the Eaglebrooke Clubhouse. Note: At 6 PM the CDD will have a workshop to review last minute due diligence material. The purposes of the public hearing will be: 1. To consider the imposition of special assessments by the District on properties within the District ( Special Assessments ) in order to secure bonds to be issued by the District to finance the acquisition of the Club at Eaglebrooke golf course, clubhouse, tennis courts, swimming pool, and related facilities. 2. To adopt a non-ad valorem assessment roll for the Special Assessments. Also included in the letter from the District, is a voting Ballot, requesting your vote on the CDD acquiring the Eaglebrooke golf course and club facilities. Please be sure to submit your vote prior to the public hearing on January 12, You can submit your Ballot (vote) via USPS mail to: Golden Lakes CDD 313 Campus Street Celebration, Florida OR You can scan your completed Ballot (vote) and submit via to: admin@goldenlakescdd.org OR You can your answer (vote) to: admin@goldenlakescdd.org NOTE: Your ballot (vote) must include your name and parcel number shown on the CDD letter All votes must be submitted by 5:00 p.m. on January 9, 2017 No votes will be accepted after this date and time Interested in changing the Eaglebrooke Deed Restrictions? If you or someone you know is interested in working to change some of the current deed restrictions, please contact Laura Lear at residents@eaglebrooke.net. Seasonal Flags: We re looking for someone to help hang the seasonal flags down Eaglebrooke Blvd. If you re interested in helping, please send an to residents@eaglebrooke.net. You don t need to climb ladders to assist.

7 Page 7 HOA ANNUAL MEETING is scheduled for FEBRUARY 21, 2017 Get to Know the HOA Board Candidates! Name: Lithea Beck Bio: My husband Steve and I built our retirement home on Island Lake Lane about a year and a half ago. We absolutely love our home, neighbors and the Eaglebrooke community. We enjoy golfing, socializing at the clubhouse, traveling and spoiling our grandchildren. I have worked for Bank of America for over 40 years. I have been involved in the Lakeland and Winter Haven area through the GFWC Junior Woman's Clubs. I served as president of both the Lakeland and Winter Haven clubs for two terms and worked on the state level as a Junior District Director for two years. During my term as a JDD my district started two new clubs. I also volunteered for the United Way of Central Florida as a Loan Executive responsible for corporate fund raising. I am presently the Block Captain of Island Lake Lane. I want to be on the board because I have experience about how organizations and boards operate. I want our community to be a place our residents enjoy living and playing. I want our residents to be heard, feel confident when their concerns are brought to the board those concerns are considered, responded to as quickly as possible and everyone is treated with courtesy and respect. I would appreciate your vote at the annual meeting. Name: Dr. Jarett A. Gregory Bio: My wife, Kristi, and I moved to Lakeland in the summer of 2013 with our two boys. We have become integrated within the community, serving on church committees, volunteering at local schools, and participating in the recent Christmas Parade in Lakeland. I am a physician and my wife is an educational consultant. We believe that in order to bring about positive change, it begins within your community. I have served as a landscape artist chair member at a previous HOA where I lived and believe that appearance of a community sends a clear message of distinct honor to live in a beautiful neighborhood. My skill set of organization and interdisciplinary approach to problem solving make me a strong candidate to serve in this capacity. I hope you will strongly consider me as your next Board of Directors member for Eaglebrooke. Name: Bob Matheis Bio: Not Available

8 Page 8 Get to Know the HOA Board Candidates! Name: Art Fulmer Bio: I was born and raised here in Lakeland and I am 38 years old. My mom is a retired appellate judge and my dad is a lawyer. I attended college and law school in Orlando and returned to Lakeland to join my father's law practice, Fulmer & Fulmer, PA. I am married to Courtenay Fulmer and together we have two kids (5 and 7) and a new puppy. I grew up in the Lake Hollingsworth area off Nevada Road. Courtenay and I moved into Eaglebrooke in November, 2007 and lived off of Lake Eaglebrooke Drive. After having our children we decided we needed a bigger home and knew that we wanted to stay in Eaglebrooke to raise our family. We built our home in the Preserve and moved in November, We love our home and neighborhood and plan on staying here for as long as possible. I currently serve on the Lakeland Bar Association s Board of Directors and serve as its Treasurer. We hold our monthly meetings/luncheons at Eaglebrooke and offer a yearly golf tournament (also at Eaglebrooke). I volunteer my time by providing pro bono legal services to those in need and my law firm sponsors local charity events. I coach little league baseball at Carter Road and in my free time I exercise, ride my bike and run races. I feel that I am uniquely qualified to serve on the Board because I have deep roots in Lakeland and I appreciate the architectural standards of South Lakeland. Also, I understand how to fairly apply the deed restrictions while taking into consideration Florida Law. My experience serving on the LBA s Board of Directors will benefit Eaglebrooke s board because I am familiar with handling budgets, setting goals and reviewing contracts. My goal is to help ensure that Eaglebrooke maintains its beautiful and unique qualities while ensuring that the neighborhood continues to thrive. Name: Bob Rodrigues Bio: My family and I moved to the Lakeland area and purchased our home in Eaglebrooke in August My wife, Melanie, and 2 teenage children have really enjoyed living in our community. I have been employed by State Farm Insurance for almost 23 years, and have worked in numerous states. I grew up in South Florida and prefer to call Florida home. Upon moving into Eaglebrooke, I have taken an active role in the community. I have attended many homeowners meetings to learn more about how our association operates and works for all homeowners. This past May, while attending the monthly HOA meeting, it was mentioned that the community was in need of residents to serve on the Architectural Review Committee (ARC). Apparently, the Board of Directors were serving dual roles as the ARC and the HOA board. Four residents, including myself, volunteered to serve on this committee. Thus, I have been a member of the ARC since May I have prior experience in serving on HOA boards in some of the other communities where I resided. I enjoy helping people and identifying ways to improve the community for all residents. I believe in working together to achieve results and would really appreciate consideration to serve the Eaglebrooke community as a member of the Board of Directors.

9 The Clubhouse is open to the Public. Bring the whole family, kids are always welcome!