The Blog would like to hear from homeowners that are in favor of authorizing the Board to take a $5 million loan.
The Blog would like to hear your thoughts?
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?
The blog would like to know, Do we have enough information to Vote for the $5 million 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 email@example.com
and CC our board members:
Peter Webb firstname.lastname@example.org
Terri Swartz email@example.com
Russ Holowachuk firstname.lastname@example.org
Bob Mangold email@example.com
Bill Bergstrom firstname.lastname@example.org
Martin Backstrom email@example.com
Mark Brown firstname.lastname@example.org
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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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