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?
5/4/2022 01:46:26 pm
The fact that homeowners have been denied access to the Loan Term Sheet by the Board says it all. Why? What in those loan terms are they afraid to disclose BEFORE we vote. I would urge the Board to release ALL the unsanitized terms now.
5/4/2022 02:17:08 pm
I am not sure this loan is even important.
5/4/2022 02:26:24 pm
After the term of the loan will our dues be reduced?
5/4/2022 10:08:17 pm
Great question Dianne, the simple answer is NO! In fact be prepared for another increase in October when our dues go up annually. My guess is many of us will not be at Desert Princess or alive in 15 years.
5/4/2022 03:57:59 pm
No, we do not have enough information. I inquired about getting any specific infomration about this loan, including the name of the lendor and was denied, that the Board does not disclose this information prior to entering into the agreement? Isn't this election's purpose to determine if this is a good agreeement?? Who is the Board working for? So we are being asked to rubber stamp a fixed loan that is, in fact, not a fixed loan, an anonymous lender (FDIC insured? we don't have the right to know any of this?), a conceptual plan with no details spelled out, a "preliminary budget" that was based on conceptual drawings that is over two years old and calculated in a totally different economy, no disclosure of how the money will be spent, either exclusively on the revitalizaiton project we are supposedly voting for or other projects not landscaping, and no project schedule?
5/5/2022 10:52:35 am
Doesn't it strike you as more than odd Patrick that your request for a copy of the Loan Term Sheet was declined, as the agreement hadn't been entered into as yet? On April 29th, the Board utilized Condo Communities to share with the community the news that a deal had been successfully negotiated and went on to describe what THEY deemed the KEY terms of interest to owners. It's interesting to note that this communique from them was in response to homeowner concerns about the bank loan.
5/4/2022 04:21:11 pm
A very sad waste of money. We should only take out a loan for a capital improvement, such as a structure that is needed or repaired. The grounds are beautiful, and any of the necessary landscape replacements should be found within our annual $11 million+ revenue. I would rather increase our dues $15 or $20 a month and pay as we go, rather than pay $2.3 million in interest. I don't see the urgency to complete the landscape renovations in 18 months.
Too many lies.
5/4/2022 05:35:59 pm
No, not information to vote for it, but we do have enough information to vote AGAINST it
5/5/2022 05:48:10 am
I am one of many that don't trust the board. They are hiding something, so don't be surprised if the vote passes and we are hit with more dollars for the payback then they are currently stating. We all know if this happens the board will not take responsibility, they will simply say the homeowners voted this in.
5/5/2022 12:03:42 pm
The only way we as homeowners are going to be safe from all the misinformation coming at us from the board is to VOTE NO.
5/13/2022 07:25:48 am
My vote is NO.
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