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 protected] and CC our board members: Peter Webb [email protected] Terri Swartz [email protected] Russ Holowachuk [email protected] Bob Mangold [email protected] Bill Bergstrom [email protected] Martin Backstrom [email protected] Mark Brown [email protected] Please leave any additional comments below
35 Comments
Ken Muraco
5/1/2022 06:19:07 pm
Just what we need right now, higher HOA Fees.
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Tim
5/2/2022 09:49:13 am
No need to hike vacation rental fees.
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Dolores Graham
5/1/2022 06:48:51 pm
Sent a request to Jerry Storage for the information regarding the potential loan under consideration for the potential landscaping project. As a homeowner, I want to be knowledgeable about the financial commitment we
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Concerned Canadian
5/1/2022 06:55:19 pm
Peter Webb, our board president thinks the landscaping project is so wonderful and has no problem approving a $5M dollar bank loan and putting Desert Princess up for collateral. Maybe Peter can loan the HOA the money himself by taking an equity loan out on his $5M dollar residence in Vancouver. We might get better terms from him.
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Douglas
5/1/2022 07:37:16 pm
Just say NO to the loan these B of D along with many in the past only like to spend OUR money
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Peggy
5/1/2022 10:11:36 pm
I concur and will request the bank's Fixed Term Sheet.
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Anonymous
5/2/2022 07:29:40 am
The fact the Board is withholding the Fixed Term sheet tells you all you need to know.....they have something to hide from the community. Just vote NO!
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Stacy and Rose Kanda
5/2/2022 09:49:33 am
If someone receives the terms agreement please attach it to this blog.
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Beyond Belief
5/2/2022 01:16:39 pm
The latest lies from the CDAC are beyond belief.
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Terry
5/2/2022 04:26:07 pm
It is interesting to understand the extent to which the Board has gone to keep certain information away from homeowners regarding the large 15 year loan for 5 million dollars. Per the "loan sheet" from the bank, the funds will be used for "the revitalization of landscaping AND other projects approved by the BOD." So, it is indeed a slush fund that will be wasted on pet projects that produce no revenue but give the board a rush towards their spending addiction.
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Ken
5/2/2022 11:58:15 pm
PEOPLE WE NEED A SOLUTION. Lets turn a negative into a positive we can take the country club/ grill into a money maker instead of a loser. Hire a good cook friendly staff and a simple quality menu, rent out to weddings and quencinaras in the OFF season. Use the profit to fund special projects. We could easily make over 500k a year in income.
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Anonymous
5/3/2022 11:53:05 am
Ken, in the entire two decades I've been an owner, F&B has lost hundreds of thousands of dollars every year. The problem is simple....we are either a semi-privare country club, which is and has been a financial black hole OR we look into an entirely new paradigm. We should get this monetary monkey off our backs by leasing out the restaurant to professionals who can operate it profitably. We are either a closed country club subsidized by DP homeowners OR a restaurant operated like a business. Regrettably, we can't be both. Time to investigate viable alternatives to the status quo.
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Terry
5/5/2022 02:25:56 pm
Anonymous,
Ken
5/9/2022 11:38:25 pm
Anonymous, your right thats all im trying to say we dont have to keep loosing money on that black hole called a restaurant....Cimarron makes theres work and it turns a profit with NO help from an HOA
Judge
5/3/2022 07:28:02 am
33% is all they need to pass! INSANE That is how they manipulate their votes.
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Leslie
5/3/2022 11:15:56 am
That's not quite correct, Judge. The Board needs 33% of all owners to vote in order to constitute quorum. In this case, a total of 400 ballots need to be cast for the votes to be counted. If quorum is achieved, 50% +1 decides the matter. It is imperative we all vote particularly if you do NOT support this proposal. Because theoretically if we just reach quorum, 400, if 201 vote in favor, this project gets approved. To defeat this insanity, it will take all the NO votes we can muster.
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Judge
5/3/2022 01:03:38 pm
Just sent Fact Sheet to this page? Where is it please?
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5/3/2022 01:09:34 pm
Ken and Anonymous, I agree completely with your statements regarding F&B/Mountain View Grill. Someone recently stated the restaurant looks like a dining room in an assisted living facility. So very true. It's dark and depressing. We frequently have large overhangs on our buildings and housing in the desert because of the hot sun. We must compensate for that by adding brighter colors, better lighting and skylights. The mood inside a restaurant has a huge impact on how people feel. At the very least, the interior should be painted white with brighter colors on the upholstery and carpeting. We also need to do something about the "chef" that works on Sundays. Dear lord, how does someone screw up breakfast? I will never go there again on a Sunday until they get a real chef. When the servers have negative comments about the chef, it's time to worry. Rent the place out for weddings, etc. We need a new vision for the Grill, not a conservative, boring and old fashioned band-aid.
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Jeff Renick
5/5/2022 09:37:43 am
My wife and I are new owners, and were completely shocked it was recently refurbished. Should've brought in a young interior designer to do the project.
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Anonymous
5/4/2022 06:33:30 am
The rumors are the BOD eventually want the HOA fees to reach $1000.00 per month. Get rid of STORAGE & WEBB their funding their lifestyle on our dollars!!!!! This insane 😍
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5/4/2022 03:20:38 pm
Anonymous, there are NO "rumors" about our hoa fees reaching $1,000. per month, other than the one you just created. Let's be adult about this thing and deal in facts, not conjecture. Rumors serve no purpose other than causing disagreements, slandering people, dissolving relationships and starting wars. Please post your name and let's see how many rumors you've "heard".
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Cathie Wachter
5/9/2022 08:23:49 pm
Below were my questions to the Board and the response i received. You should start at the bottom and work your way up for the email stream. It is a bit of a read but worth your time. I agree with one of the statements above that we have many people living in our community that would be a great resource for the various decisions that need to be made. Why not put out a request for committee members with specific experience for the many projects and issues that arise.
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Lindsay Mcgrail
5/10/2022 07:40:12 am
Thanking Cathie for all your hard work!
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Cathie Wachter
5/14/2022 12:16:25 pm
Thank you Beyond Belief for sharing parts of the Term Sheet such as "the revitalization of landscaping AND other projects approved by the BOD." Another item of note is:
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Am I wrong
5/14/2022 02:42:43 pm
Cathie, how dare you, by thinking logically, point out that the Board and the CDAC do not have a brain between them. Make no mistake folks, the Board and the CDAC are ONE in this lunatic undertaking with only one Board member who does fit this moronic description. (You know which group you belong to)!
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5/14/2022 09:23:58 pm
Why are people posting their opinions on this blog without giving their names? Maybe it gives them the autonomy they crave to call others morons, lunatics, etc. I have a suggestion; how about posting your names and giving all the dues paying members of DP some intelligent ideas for updating our aging infrastructure and maintaining our quality of life? I’m waiting to hear what all the name callers have to say. Give us your best ideas on how to make DP the beautiful place it used to be. I’M SERIOUS, HOW WOULD ALL OF YOU FINANCE THE WORK THAT DESPERATELY NEEDS TO BE DONE? Or do we just throw up our hands and let DP look like the rest of Cathedral City?
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Ken
5/16/2022 03:58:36 pm
Michael, its funny you call people out for not using there real name when you guys (the board) shut down meetings and zoom calls as soon as we the residence start asking questions you guys dont like. You want real answers real solutions LISTEN TO THE PEOPLE..with over a thousand residents you cant please everyone BUT one thing we can all agree on is Desert princess has gone down hill in the past 7yrs.(bad maintenance, miss managed funds ect.) We ALL love this place and want the best for our community.
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Truth tellers
5/15/2022 09:37:15 am
Stating that something DESPARATELY NEEDS TO BE DONE suggests that the sky is falling, an over dramatization by someone who want to scare you and sell you something that you do not really need, sound familiar?
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5/19/2022 03:47:13 pm
Did everyone have the time to read the message on Condo Communities this morning regarding the proposed loan for the Landscape Revitalization Project? Your thoughts, please?
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Anonymous
5/20/2022 06:26:24 am
Michael, as a reasonably intelligent individual who one who has been fortunate to have read the loan term sheet in detail, I'm sorry to say the Condo Communities message of 5/19 does not even resemble what I read in the Term Sheet. The email distributed by a concerned homeowner the day before, after having received a copy of the Term Sheet is the real deal.
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Concerned
5/20/2022 04:45:04 pm
In Response to the Board statement May 19 2022, stating:-
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Michelle
5/21/2022 05:49:08 am
As a former banker I can tell you an origination fee is a NON-REFUNDABLE payment associated with the establishment of an account or loan. It covers the banks direct costs in opening an account, taking a loan application and obtaining information and documentation related to approving it.
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Michelle
5/22/2022 12:01:34 pm
I'm not sure what possible difference it makes to the discourse as to whether or not "Concerned"received a copy of the Term Sheet or not. If he/she did, Bravo to that. The fact remains the Board brought this whole fiasco on themselves by NOT providing it to all the owners since it contained critical information upon which to base a truly informed decision on the merits of this project. The Boards own actions fueled an environment that fostered suspicion, mistrust, and feelings that we were all being misled. By dressing this up as "NOT" a special assessment, which affected the quorum required to proceed with the ballot count, denying us access to the Loan Term Sheet that they were legally committing us to for 15 YEARS, is incomprehensible and undeniably disgusting.
So Much More Clear
5/21/2022 07:35:38 pm
Let me be the first to apologize to the CDAC and The Board.
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