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PSA Community Meeting - Shared screen with speaker view
Guest
01:08:37
Has the audio started?
Bill Jonas
01:09:02
Yes you should be able to hear Ken Surface now.
Doug & Amy
01:09:19
yes
Paulk
01:09:20
is there no video from the meeting?
Bill Jonas
01:09:49
The video from the meeting is the power point you should be seeing
Betsy Larson
01:09:52
No video -- just the slides.
Christina Taylor
01:16:13
“Financial Hardship” kinda condescending right? We are in the middle of a pandemic, I’m thinking financial hardship is not a small thing to gloss over.
Laurie & Rob
01:18:11
With the 2-year special assessment model, you're showing annual dues staying at $714 (net). How likely is it that the dues will, in fact, remain at $714, or can you also raise the base dues in addition to the special assessment? Is part of this plan to put a 4-year moratorium on regular dues increases?
Guest
01:19:01
Need to be one rep from each community that has visibility of the funds.
Nikki Rogers
01:19:56
Do you have hard quotes for proposed capital? How much contingency is included in this plan for inflation and other unknown costs?
Betsy Larson
01:20:23
PSA Board (rep from each village) will have this information provided at least quarterly at the PSA Board meetings.
Rich Kagan
01:23:19
Is Sahm’s committing any funding for interior restaurant improvements ?
BEME
01:26:10
If the special assessment passes, will all the funds raised by the special assessment be managed by the Treasurer of Executive Committee in our standard financial process? I understand that we will have two people to oversee the spend.
levyt
01:27:18
How will $1,100,000 be used to make us more money? Nicer facilities does not make us profitable. Show us how you plan to increase revenues.
Paulk
01:32:28
we have to do this. doing nothing is what happened to the golf course. Resident's property values have increased 25-35% since we made improvements to the golf course. Non-golfers and owners that don't go to the restaurant will be benefitted f in the same way when these improvements are made.
Guest
01:33:00
What is the X years number on Birdies to regain the capital that will be used to fix it? I agree on the clubhouse, but what is the revenue for Birdies? Stay and Plays are not a major revenue maker.
Doug & Amy
01:33:01
It isn't about making us money.. it is about protecting what we have including our resale values.
Rich Kagan
01:33:29
Is there value in a restoration of Birdies? Can it be profitable and give us a return on our investment?
Nikki Rogers
01:34:22
What is the interest cost before and after the debt pay-down?
Doug & Amy
01:34:24
We need to take care of what we have.. can't let the place fall down around us
levyt
01:35:07
If done correctly a Covid loan would not need paid back. What was not done correctly?
Paulk
01:35:51
I agree. the resale value will increase if we take care of the property. they will decrease in value if the clubhouse continues to decline in value. The last 2 year's history is evidence of this.
Betsy Larson
01:38:25
The loan Ken was referring to was a SBA loan. We also did get a PPP loan last year that does not need to be paid back, Nothing was done incorrectly.
Laurie & Rob
01:40:13
Does the overall plan include marketing costs to generate new customer business for club memberships or usage? Fixing up the place is great, but if the expectation is that it will draw more biz, having a marketing plan to support that would be important.
levyt
01:41:55
thank you Betsy
Betsy Larson
01:42:34
The marketing plans are developing by either Cohoat & O'Neal and Sahm's and paid for out of the operating budget we develop each year.
Betsy Larson
01:43:09
Questions not being answered will by answered (time permitted) by Ken Surface.
Laurie & Rob
01:43:15
Thanks, Betsy! Will they have specific targets for increased revenues?
Paulk
01:45:10
how much(%) have residence values increased since we bought the golf course and made the improvements in the last 3 years?
Betsy Larson
01:45:21
We have goals against budget each month or period (for the restaurant) now on things like green fees, golf memberships, cart fees on the golf side and targets on the restaurant side including hitting goals for COGS and payroll. We review with the Executive Committee every month and post for the PSA Board to see and communicate with their village members.
Becky
01:49:40
Live in Lafayette. Come down on weekends to play in the lake. Bought the condo last year because of the lake. Had no idea the public golf course and restaurant weren’t privately owned businesses. Would be ok if they weren’t there because I’m there for the lake only. I was disturbed to learn that Eagle Point had anything to do with these businesses. Guess I should have read the fine print.
Betsy Larson
01:50:33
Regarding the interest rates - Line of Credit is currently 5% and the SBA loan is around 3.5%. The interest rates on the leases vary. Some of the previous leases will be ending over the next 2 years.
Guest
01:50:38
Why wasn't the community notified when the realized losses began? Now it is being put out when there is dire need of money. I already put in my proxy to vote yes, but there needs to be monthly updates on the financials provided to the community for transparency. We do not want another large loss of capital to surprise us all again in another year/years.
Paulk
01:51:37
An attractive restaurant, clubhouse and recreation area is essential to our future
Betsy Larson
01:52:47
We have shared losses (financials) at the community meetings the last two years. We also share financials with the PSA Board at least quarterly.
Guest
01:53:05
Some of cannot attend meetings due to having functioning lives. It is a valid question that doesn't need dismissed so quickly. We want the quarterly reports published to us.
Guest
01:54:31
Don't be rude. Goodbye.
Betsy Larson
01:58:19
We publish information on our PSA website from the quarterly meetings. No intention to dismiss or be rude. My apologies if taken that way. Happy to connect via email or phone if you would like to follow up. I too use to live away for many years and couldn't attend meetings. I do return phone calls and answer all emails.
Kristina Hobbs
02:00:02
Hi Betsy. I tried to find the PSA spending on the website but didn't see it anywhere. Can you tell me exactly where it is please?
Nikki Rogers
02:03:12
Are we repairing tile and grout in pool
Betsy Larson
02:04:50
The slide decks from the community meetings and the PSA Board meeting minutes are on the PSA website which contain financial information. Check out the slide deck from the July annual meeting. It does list out what monies we have spent on capital expenditures. If you would like more specific information, I encourage you to reach out to our Treasurer, Gail Miller. If I am not answering your question, let me know that too:)
levyt
02:06:25
How much of this food and beverage profit is actual PSA earnings compared to Sahm's? Seems like we break even with golf course losses.
levyt
02:12:34
Why is there not an option for homeowners to vote to sell rather than pay a one time fee or have our fees raised each year?
Kristina Hobbs
02:12:49
Thank you Betsy!
Nancy A
02:14:00
My concern is that we will both have this assessment and then have dues rise 15% each year when income goals aren’t met. Can we build into the amendment that dues will not be raised through 2024?
Becky
02:14:33
I like that suggestion, Nancy A!
Bill Jonas
02:14:52
The committee has done outstanding work here. The members of the committee deserve our thanks for their thorough investigation, evaluation and presentation of the materials. The assessment is a better option than dues increase. Please vote yes on both questions presented.
Bill Sinex
02:15:45
Bill Jones, Amen!!
Nikki Rogers
02:16:41
Nice job Ken!!!!!!
Betsy Larson
02:16:50
Thank you Bill. The SPC has worked very hard over the last 4 months and the information in the presentation shows that. This was not an easy thing to put together!
Robin New
02:16:55
I agree the assessment is a better option but the dues shouldn't be raised over the next 4 years
Ellen Arnholter
02:19:06
Thank you for all this work!!
Phyllis Davidson
02:19:38
Committee has done an excellent job! Very clear presentation; thanks Ken.
levyt
02:21:51
Is there a marketing plan that you intend to share? Remodeling will increase sales by a small percent.
Mike McCann
02:23:27
There was a slide suggesting that Birdie gets razed. There was another that projected revenue from rent. Did we back out any potential revenue from Birdie's?
Doug & Amy
02:24:32
Thank you for the informative presentation and your hours of service and volunteer work on our behalf.
Derek Foreman
02:24:33
Folks you have absolutely crushed this. Well done!
Denise Craig
02:32:37
Can someone repeat the questions so the online people can hear?
Doug & Amy
02:33:20
agree Please repeat the questions
Betsy Larson
02:33:41
Yes -- thanks for the reminder.
Mike McCann
02:38:56
Any thought of having a playground for kids?
Paulk
02:40:04
our property values are very dependent upon the condition of the golf course, clubhouse and restaurant, regardless of whether the resident plays golf or goes to the clubhouse. look at what has happened in the last 3 years.
Bill Jonas
02:43:57
In 2014, there were literally hundreds of units for sale here and you could buy whatever you wanted. With the investment that has been made (and a favorable climate for interest rates), folks now are able to sell their units in a couple days by simply posting their units on Facebook or other media. We're on the right track and there's no reason to abandon ship now. Let's continue to move forward -- your "yes" vote on both questions will keep the momentum we've been able to start.
Robin New
02:49:23
Bringing Sahm's in was a great choice but the entertainment before Sahm's was more local musicians that drew in a bigger crowd. Bringing back the local musicians would bring in more revenue
Paulk
02:52:36
I hope a family playground is part of the improvements being considered in the 3rd year. we need to attract younger families who are guests and/or potential residents.
Betsy Larson
02:58:17
Thanks to everyone on the Zoom, your support and please vote YES for our future!
Raymond Arvin
02:59:52
Thanks for all the work that has been done on this project.
Paulk
03:00:54
birdies is important to long term.
Bill Sinex
03:02:13
Any interest in residents contributing skills and labor to renovate Birdies, if materials are provided or contributed?