The Possible Purchase of the Lochmere Swim and Tennis Club Facilities

 

Rumors are flying about this important ssue, so let us make sure we are all on the same page and know the facts.

The Lochmere homeowners Board has been steadily evaluating and pursuing action in order to bring the issue of potential acquisition of the facilities of the Lochmere Swim and Tennis Club to a vote by the homeowners as soon as possible.

  • As we reported at the Annual Meeting and in the last issue of Clan Lochmere, the Lochmere Swim and Tennis Club (LSTC) approached the Lochmere Board of Directors (LBOD) to share that they were facing significant financial difficulties. 
  • Subsequently, the LBOD was asked by many of our homeowners to research the feasibility of purchasing the facilities. 
  • Based on legal counsel, it was immediately established that we would not choose to purchase the facilities directly from the LSTC because of their significant outstanding financial liabilities for ‘Member Certificates’ that had been sold to permanent members of the LSTC.  We do not want to risk assuming those liabilities.
  • Under these circumstances, it was advised that we only consider purchase once the lien holder, Wachovia Bank, has possession of the property and could transfer a clean title.  We will not be buying the LSTC, but rather we will be buying the facilities.
  • As many of you may know, Wachovia Bank has not yet moved forward in obtaining possession of the property, so there is nothing to buy at this time.  We have no control over that situation. 

 

However, in recognition of the value of having swim and tennis facilities available as common recreational property to the community, and in consultation with our legal counsel, the following course of action was recommended to LBOD.  The goal is to bring the issue of purchasing the facilities to a vote and to determine whether or not the members of Lochmere Homeowners Association favor the purchase of these facilities when and if they come on the market. 

  • Obtain an independent commercial appraisal of the properties.  We want to make sure that we know the current value of this property and these facilities and that any offer we make will represent the lowest reasonable price we can pay, recognizing market conditions.
  • We have authorized a Reserve Study of the facilities to document capital repairs that are likely to be due on the property in coming years.  This will be a Reserve Study in the same format as past Reserve Studies done for Lochmere.  We do not want any surprises down the road.
  • We will determine a proposed dues increase and any usage fees that would accommodate a purchase price, the operating budget and reserve contributions.
  • We will notify Wachovia Bank of our actions and our potential interest in the property once they have taken the necessary steps to obtain the title.
  • Once the above actions are completed, we will mail to the Lochmere community, our notice of a Special Homeowner’s Meeting for the sole purpose of taking a vote.  The Special Meeting will not take place until at least 30 days after the notices have been mailed, as required by the Bylaws. 
  • Informational meetings will be held.  The LBOD has established an Ad Hoc Task Force to plan and hold neighborhood information meetings.  The goal of these meetings will be to give homeowners the information needed to make an informed decision on the vote.  A schedule of these meetings will be mailed to each homeowner.  Times and dates of these meetings will also be posted on the LHOA website. (lochmerehoa.org)
  • We welcome all interested parties who would like to volunteer for this committee.  Contact either Kent Smith (lochmerepres@yahoo.com) or Jim Davis (JimHDavis@earthlink.net).  You can also contact us on the Strongerlochmere.com website.
  • The new LHOA website (lochmerehoa.org) currently has a link to the Strongerlochmere.com website for your convenience. Strongerlochmere.com was created to keep the Lochmere community up-to-date on the status of the Swim and Tennis Club.  For now, please continue to refer to Strongerlochmere.com for additional information, frequently asked questions and news from the LBOD. You can also ask any questions that have not already been answered.  In due time, we hope to have all this information transferred to our new LHOA website in order to consolidate all Lochmere business in one site.

 

This is a very important issue facing our community and it is the responsibility of each resident to get informed, make a decision and vote.  Please know that the LBOD continues to work diligently on many fronts to reach a resolution to the swim and tennis facilities issue as soon as possible.  We welcome your comments and feedback regarding this issue as well as any other concerns or comments about the Lochmere community.

Best wishes for a happy and prosperous 2010!
Your Lochmere Board of Directors

1/15/10