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PSA Important Update-December 2019

WE-I OWNERS
On Wednesday 12-11-19 the PSA board had a closed meeting to review our future with C&O. Doc O’Neil was present to review his plan to move forward this winter. Details of that action will be seen and really is not the reason for this update.
A big part of this WHOLE THING is financing. At the time of this meeting it was reported we will hear from Mutual of Omaha in the morning (Thursday, 12-12).
I hope you are all aware that we are asking them for $1 million.
Also note we voted unanimously on 11-10-19 to bring C&O and Sahm’s on board with without immediate financing. It was also decided to announce and go forth with C&O plan to start their membership drive, again without knowing our financial future.
Please be aware that the Executive Committee and Treasure are the main cogs in this wheel. They do all of the work for us to keep us going down this path of PSA ownership of the Restaurant and Golf course. Sure they reach out for help and always explain and ask for questions in the meetings, very open to all of us I feel.
I have attached a few of the emails that explain where we stand at this time and our next steps. I have bulleted each email to denote the timeline.

  • 12-12-19 1:15 Gail Miller, Treasure
    I’m so sorry to have to say that we did not get the loan. I felt so positive about it but . . . In the end, they could not get past the negative cash flows of the Club. Back to the drawing board. We will find a way!
    Gail
  • 12-13-19 10:15 B. Larson, President
    Hi Everyone,

While the news yesterday was not what we were hoping for, I think it’s in our best interest to keep moving forward with the partners we have selected. In a very short time, C&O has kicked off the MMC and premium golf memberships, generated revenue in a critical time, begun to clean up the premises, made key personnel decisions, and worked with Gail on the transition.

Originally we had agreed to sign the contract with C&O/Sahms on the condition we would secure financing to cover the losses. I am recommending we move forward and sign the contract immediately. We will be meeting with Doc and the CFO today at noon to talk about how we will work through any short falls. It will include ideas for other funding or ways to generate revenues. Once we know more detail, I will communicate those plans to everyone.

I think it’s important to remain positive and supportive. With Cohoat & O’Neal’s leadership, our future can be bright again. While Sahm’s will not officially be here until April, they have already been on site this week to begin the work so they will be ready to hit the ground running.

I am asking for each of you to reply back either yes or no to move forward with the contract by end of today. Thanks in advance for your continued support.

Betsy
PSA President

 

*My vote (John Teising -WEI Representative) was “Abstain” for a couple of reasons:

1.I was on the road working and trying to follow all this with poor cell reception.

2. I was hoping for an open discussion in a physical meeting. I like C&O and Sahm’s but without known financing, voting either way on the signing of a three-year contract felt too uncertain for me to do YESTERDAY. The next email follows.

 

  • 12-13-19 12:47 B. Larson, President
    Hi Everyone,

I have heard from most of you and we now have a super majority to move forward and sign the contract with C&O.

The meeting today with C&O went well. We have a number of things in the works to secure additional funding. C&O will be looking at cash flows through the end of next year. Without accounting for any additional revenues (restaurant and golf), we have enough cash to get us to the end of February which gives us time to seek other sources of funding. Keep in mind we will continue to see revenues from MMC and premium memberships. Our big push will be taking place in January. In addition, we are looking at a campaign for the “activity” memberships in January. There are number of F&B events that will also be contributing to our revenues.

Betsy
PSA President

 

*WE 1 residents, if you have a comments, please feel free to contact me directly. I am always open to hearing from our residents and attempt to represent our village responsibly.

Thank you!

John Teising

Water’s Edge I Representative

jteising54@hotmail.com​

Letter from President

December 2019

To: Water’s Edge Association Homeowners:

Greetings and Happy Holidays to all as we enter the Winter months here at Waters Edge. We accomplished a good deal this year. We replaced roofs on two buildings as scheduled, with gutter guards to reduce our expenses in cleaning, and approved gutter guards for a 4-unit building that was omitted when roof was replaced a few years ago. Our front deck project continued largely as planned, but 4 units were postponed due to unexpected cost overruns for this year’s budget. We will resume with those decks next year. Chase work continues as planned. We have had many comments about our landscaping, and certain areas not being up to community standards. We understand your concerns, and as a result have formed a landscape committee consisting of 2 board members and several volunteers. The property has been inspected, diagrams/notes made, and recommendations for remediation have been developed. We are starting with removal/trimming of some problem trees and will begin to plant a few new trees in the Spring. Looking ahead the biggest unexpected challenge we face next year is the deterioration of our pool, which will require major renovation this Spring, at a cost just under $30,000. Our 10 year plan had a budget for pool renovation in 2026, not 2020. To bridge the gap, the board decided to not spend some of the capital improvement money this year, and use it to help pay for the pool next year, as well as decrease the budget for chases next year. However, we have determined that even with these measures, it will not be possible to fund our operational expenses, AND maintain our buildings and landscape at community standards. Our primary source of revenue is homeowner dues, which have not changed in 14 years. We are trying to fund expenses in 2020 with 2006 dollars, which we all know doesn’t really work. It’s a fact that our operating expenses have increased 24.5% over the past 5 years. As a result, in order to pay our operational expenses, this board and previous boards have shifted money away from capital improvements. Ultimately, this leads to the detriment of our community. To halt this trend, your board has determined that effective 1/1/2020, homeowner dues will be increased by 7.5% for all units. (As a reference point, if we had wanted to catch up to inflation, from 2006-2020, an increase of 29.82% would have been required). We can assure you that after expenses, the additional funds will be put to good use including pool, road and landscape improvements, and continuation of our roof, gutter guards, chase, and deck projects. Thank you for your support.

Cordially,

Steve Moffett President

Water’s Edge I HOA and your Board

Annual Water’s Edge 1 Christmas Party

Mark your calendar for our annual Christmas party!

Join us December 13, 2019 at 6pm in the Clubhouse Upper Talons Room.

Please RSVP On the Eagle Pointe Community Facebook post under Sheri Sering-Smith’s post complete with menu. We look forward to seeing you there.

PSA Approves Hiring Cohoat & O’Neal/Sahm’s

To: Eagle Pointe Community Members

From: Betsy Larson, PSA president

Date: November 12, 2019

Re: PSA Approves hiring Cohoat and O’Neal/Sahm’s

With an overwhelming majority, the Pointe Service Association (PSA) board has voted to hire Cohoat & O’Neal Golf Course Management and Sahm’s Restaurant Group. The deal, which is not yet finalized, targets a start date for Cohoat and O’Neal to take over golf operations on December 1, 2019 and for Sahm’s to assume responsibility for the restaurant and catering business on April 1, 2020. Cohoat and O’Neal will manage the restaurant until April 1, 2020, during which time Ed Sahm will implement changes envisioned for the restaurant and catering business.

The PSA Executive Committee is working with Mutual of Omaha to secure funding that will sustain the organization until new revenue streams are identified and operational. All indications point to approval in the next week to ten days. If/when the financing comes through, we will notify you.

Tony VanNess, Matt Englert, Doc O’Neal and Ed Sahm will be working together in the interim to ensure a smooth transition. In the next few weeks, Tony and the Cohoat and O’Neal marketing team will launch their premium membership option for 2020 as well as a new membership program based on a concept developed by Chuck Thompson, called the Mulligan Marketing Concept. (To read more about how the Mulligan concept turned around the Legends Golf Club in Franklin, Indiana, click here.)

We also want the golf course and restaurant to be great places to work, and we are confident that Cohoat and O’Neal and Sahm’s will be great employers. They will hold staff to a high level of accountability, but make sure they feel like a part of a family. Ed Sahm has stated multiple times that he has had staff members on his teams well over twenty years because he values people and gives them the resources they need to be successful.

The community’s partnership with Cohoat and O’Neal and Sahm’s is extremely exciting. We have all been lured by big dreams and promises of grandeur with previous owners. But this is different. The PSA board is working with experts with a proven record of success. Our primary focus is on long-term financial viability for The Golf Resort at Eagle Pointe, and we plan to get there by making decisions based on fact, hard work and accountability.

The Executive Committee and the PSA board have reviewed and discussed budgets, projections, and agreements. We have talked to the LLC board and other golf management consultants. We have fact-checked, brainstormed and debated thoughtfully about the difficult challenges ahead and how to overcome them. We have asked you for input and suggestions, and we have communicated openly with you. With this in mind, please respect and honor — even embrace! — our future.

I hope you’ll join us in supporting the PSA board, the community and the staff in making The Golf Resort at Eagle Pointe a fabulous destination in our backyards!

PSA Quarterly Dues

To: Eagle Pointe Community
From: Betsy Larson, PSA president
Date: October 23, 2019
Re: Quarterly dues increase

On October 19, the Pointe Service Association (PSA) board voted to increase quarterly dues for all Eagle Pointe community members by 15 percent. Effective January 1, 2020, each property owners’ quarterly dues will increase from $135/quarter to $155.25/quarter. (The increase will appear on the December 2019 invoice.)

Remember that quarterly dues were $155 until January 2016. At that time, the PSA board reduced quarterly dues because the cable contract became obsolete. The 15 percent increase in 2020 will return dues to their previous amount.

The golf course remains a fledgling operation with ongoing start-up costs, capital investments, repairs, maintenance of equipment and operational losses. The PSA is supporting the golf club more than anticipated. The cost of goods and services also increases over time. Raising dues is one component of a broader plan to reach financial stability.

As we work through what the future might look like for the Golf Resort at Eagle Pointe, the PSA board’s primary responsibility is the financial viability of the community. We are actively working to achieve that goal with the least impact on homeowners.

As always, if you have questions or concerns, please contact a PSA board member.

Update on Cohoat and O’Neal Contract

To: Eagle Pointe Community
From: Betsy Larson, PSA president
Date: October 16, 2019
RE: Update on Cohoat and O’Neal contract

On October 12, the Pointe Service Association Executive Committee received a proposed budget from Cohoat and O’Neal, which included the Sahm’s food and beverage component. After careful review, the Committee determined the proposed budget terms were unacceptable.

The Committee’s biggest concerns were with the Sahm’s component. We believe the management fee was too high, the catering component was undervalued, and the overall partnership with Sahm’s is not as beneficial from a risk-reward standpoint.

While many board members continue to believe that the PSA should get out of the golf management business and turn things over to a consultant/management team, the budget and arrangement in its current form are not acceptable. It’s important to understand that we are still in the early stages of negotiations and have not “abandoned ship” or have any plans to take a completely different route.

As planned, we will have our Quarterly Meeting on Saturday, October 19th at 9:00 at the Eagle’s Nest. However, it would be premature to share information regarding the contract with the community at that time. The PSA board will not have a private meeting regarding the proposed contract after the Quarterly Meeting and there will not be a PSA board vote. The PSA board will conduct its usual business in al closed-door session after the Quarterly Meeting.

Whether we partner with an outside management team or continue as we currently operate, we still need to determine how we cover potential future losses. Glenn Adams and his team are still working with banks and other financial institutions to bring us viable options. I don’t have any updates since our last meeting.

Please feel free to reach out to me or any of the Executive Committee or PSA board members if you have questions.

PSA update for September 2019-Golf Management Partner

The PSA Board met on Tuesday September 17th to hear more about the idea of engaging a golf management partner. Cohoat and O’Neal (C&O) were onsite to talk to the Board and answer questions. Prior to selecting C&O, a subset of the Executive Committee met with three companies in late August/early September.

The Committee talked to two larger national companies (Troon and Billy Casper Golf) and a locally based company. They have selected to engage with the locally owned and operated company Cohoat and O’Neal for several key reasons. One of the key differentiators between the three companies was the idea that the locally owned operation and had a more “hands on” approach. The fact that they are an Indiana based company was equally impressive not to mention their many years of golf operation management expertise.

Cohoat and O’Neal was established in 2011 based out of Carmel Indiana. They own or operate various golf courses throughout the state of Indiana. One of their signature golf courses is located in Carmel called Prairie View Golf Club where they host the IHSAA Girls and Boys State Championships through 2024. It was also the host site of the 2019 PGA Professionals Championship (Indiana PGA).

No firm decision has been made to move forward with Cohoat and O’Neal and no firm commitment or contract has been signed. Just like you, we need to learn and know more. They have been on site talking to management, employees, and your Executive Committee and assessing what’s working well and what they might bring to the table to help make this a premier destination and standout community. The PSA Board will be deciding if engaging with a third party expert is a better option and model for our community and the golf operation at The Golf Club@Eagle Pointe.

If you would like to learn more, please visit their website at https://www.cohoatandoneal.com/. In addition, Cohoat and O’Neal will be onsite to talk to the community on September 28th at 9:00 in the Eagle’s Nest.

The Executive Committee and your PSA Board will make every effort to communicate more details as they become available. Please feel free to reach out to any of them if you have questions.

Water’s Edge I PSA Representative: John Teising

Letter from PSA President

Letter to PSA Board from Betsy Larson PSA President

Since the July PSA Quarterly Board meeting, the Executive Committee has been working closely with the LLC Board and golf operation to address the financial, service, and overall quality issues. After much consideration, we think the best path forward for the community and the viability of owning and operating the golf operation would be to partner with a Golf Management company.

We have interviewed 3 companies and have selected Cohoat and O’Neil (pending PSA Board approval) which is a locally owned and operated company. We believe they can help us bring a higher level of professionalism and expertise to ensure our financial viability going forward.

We are calling a special PSA Board meeting on September 28th at 9:00am. At that meeting, the golf management company will present their proposal and answer your questions. We will be asking for your approval to partner with the new golf management company effective October 1, 2019. The employees of the golf operation will be communicated to at the same time we are sending this email.

The agenda for the September 28th meeting:

§ Cohoat & O’Neal Presentation § Approval of by-laws § PSA & The Golf Club at Eagle Pointe Financials § Vote to move forward with new golf management company § Other Business § Open Discussion § Adjourn

We very much appreciate all that you do as Board members of not only your own village but also the PSA Board. Ensuring that we continue to improve our community, provide a great experience for all using the facility and the continuing improvement of our home values depends on you participating and supporting in decisions to ensure our future financial viability.

Based on the importance of the meeting and the significant changes we are recommending, we ask that you make every effort to attend. In addition, we would like to invite the community to the Cohoat & O’Neal presentation. The meeting will be at the Eagle’s Nest at 9:00am. Please forward this to the members in your community. In addition, we will also be posting this email. Please feel free to reach out to me or any member of the Executive Committee.

John Teising
Water’s Edge PSA Board Member
jteising54@hotmail.com

Water’s Edge 1 Community Day-September 7th, 2019

Saturday, September 7th, 2019

Pitch-in the work. Weeding, trimming, planting. Please bring shovels, saws, clippers, rakes, or just yourself.
Pitch-in the fun follows at 1pm-?
Burgers & Dogs provided.
Bring a side or dessert to share
B.Y.O.B
Text questions & RSVP to 219-742-5442

9th Amended Declaration of Expandable Condominium

View the attachment below two documents or additional details and information.




Declaration Amendment



Letter to Residents

 
Please click on the link below to vote on the 9th Amendment. Please also view the attached document in reference to the 9th Amendment here.

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