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5/15/2022 45 Comments

Your Ballot for the $5 million Loan


 
The Blog would like to hear from homeowners that are in favor of authorizing the Board to take a $5 million loan.
 
For example:

  • Do you feel comfortable spending an additional $2.1 million above the $5 million?
 
  •  Do you believe that the only option is to spend $5 million over the next 18 months?
 
  • Are you confident that these funds are enough to address the 7 areas targeted by the Landscape redesign committee?
  • Do you know what we will be getting at the cost of $7.1 Million

  • Are you comfortable with the fact that the ballot did not specify that the funds will be used ONLY for landscape renovation?  Leaving open the possibility of using these funds for other purposes.

The Blog would like to hear your thoughts?
45 Comments

5/4/2022 11 Comments

The Ballot: Do we have enough information to Make an informed Decision?

The ballot sent out to all homeowners is a vote to allow the Board to take out a loan for $5 million.  A follow up summary of the actual loan terms was published on Desert Princess Condo Communities.

A number of homeowners have contacted the Board to get a copy of
the “Fixed Term sheet”  that outlines all the details for the loan that we are being asked to vote on.  The HOA has refused to release this information.  How can homeowners make an informed decision on this vote without the facts?

For example:


  • Was this the only Loan available to us? 

  • Was there an Request For Proposal from Multiple lenders?

  • What additional conditions and obligations are we committing to?

  • Can/Will the board be restricted from using these funds for other projects?

  •  Will all the funds be available day one or will there be multiple distributions as the Landscape changes are completed?

  • What happens 7.5 years from now if the new interest rate is not competitive (can we pay off the loan without additional expenses?
 
  • Do we have any other financial obligations or operational restrictions during the next 15 years in order to meet the loan obligations?

The blog would like to know,  Do we have enough information to Vote for the $5 million loan?
11 Comments

5/1/2022 35 Comments

Homeowners need to know all the TerMs of planned $5,000,000 Loan

At the HOA Board Meeting last week, the board announced that the bank who is financing the $5 million loan has provided them with a "Fixed Term Sheet"  that outlines the terms and conditions of this loan.

The board also decided to not release the "Fixed Term Sheet" to the homeowners.  As one board member stated,  "I have a PHD and it is hard for me  to comprehend", implying that homeowners do not have the capability to understand all the details.  So the board released a summary of the loan financial terms without any specific obligations (as outlined in the Fixed Term Sheet) that each of us will be committed to if the Board takes out this loan. 

It is a right for all homeowners to request and see the "Fixed Term Sheet" before voting to allow the Board to enter into this loan. 

Without this document,  homeowners will not know all the obligations we have been committed to under the loan contract.

To receive a copy,  send your request to:   Jerry Storage jstorage@desertprincesscc.com

and CC our board members:


Peter Webb pfwebb@telus.net
Terri Swartz terriswartz.dp@gmail.com
Russ Holowachuk  holowachukr@shaw.ca
Bob Mangold lingold7096@sbcglobal.net
Bill Bergstrom billbergstrom.dp@gmail.com
Martin Backstrom backstrom@berkeley.edu
Mark Brown mark@310.net


Please leave any additional comments below


35 Comments

    Charter

    This blog is designed as a means to provide transparency and informative access to the policies and protocols of the Desert Princess Palm Springs Homeowners Association, the governance of the HOA Board of Directors and the management of the community’s assets by The Management Trust. The expressed intent is to establish a neighborhood hub for trusted connections and the exchange of helpful information, goods, and services; it is hoped that homeowners will use it to build a stronger and safer Desert Princess Palm Springs.

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