Resort status
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Steve Gustafson
Oct 17, 2016, 6:01:37 PM10/17/16
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Dear Fellow Homeowners,
Does anyone know or can share with me the status of the Resort? I've tried calling and emailing the TMA but I only seem to receive cryptic responses that produce more questions.
For example:
I've heard we've had two deals to operate the Resort or purchase assets, which have both fallen through. In one case, the money person was a no show to the closing.
That the TMA does not yet have a contract to operate the Resort yet is spending money, going in debt, and now taxing homeowners an additional $3,000 a year and lot owners $1,200, to cover losses. This has made it hard for real estate sales and a burden to homeowners on debt that has not been clearly explained, prior to accepting debt. Not to mention we've had a water issue for the past five years that is just now being addressed? Doesn't the M in TMA mean municipal? Isn't the function of the TMA to cover our roads, water, sewer and upkeep? Does it really mean being a Resort Operator, at such huge losses?
That the TMA now has a private funding group that has purchased Resort assets. Do the by-laws allow the TMA to create other sub companies for private deals, then use TMA as a corporation to intentionally loose money to back the sub companies risk and liabilities?
I've heard that New Trac is actually still the owner of the Resort.
Has a bonafide new buyer come to the table or are all we doing is protecting someone else's Resort again at our expense?
I agree that we need to do what ever we can to protect our home values. Is paying for someone else's property the way? Do we get anything for the extra money like free family ski passes? Discount or free TVT services?
If according to the homeowners meeting, the TMA is purposefully going into debt another $850K this year doing ski operations. Why is a 4 day ski week not being reviewed to lessen this debt? Why is F&B not being out sourced? Why is lodging not being outsourced to VVR?
The information that is being shared is that salaried positions are up, more liabilities are being accepted, and purchasing 8-10 year old equipment is the rule.
I've also been promised an invest package, explaining this new company and all the trimmings, yet after reminders, information is not disclosed.
Can a HOA not for profit purposely operate in the red, create private for profit corporations for a private few, buy assets without firm contracts in hand to operate, and then levy undisclosed or improperly explained assessments on the homeowners to have to pay? Is this even fiduciary responsible, walking into such debt? Didn't the TMA do this before and loose all the reserves we had built up? Why do some homeowners know more details while others are kept in the dark? This sure doesn't feel to me like a TAM FAM.
Or, I'm incorrect. There is a new buyer going to purchase all this back from the TMA and at a profit that will be shared back with all the homeowners?
I've asked these questions of the two Board members I know but either I get no response or a short email thanking me for my feedback. I didn't realize that questions and seeking understanding was feedback.
Perhaps I'm the only one here not getting information so I'd appreciate anyone who can share with me what they understand.
Thank you in advance. You may reply to me off list if you'd prefer.
Respectfully,
Steve Gustafson
st...@ebl.org
Excuse typos due to thumb typing.
Does anyone know or can share with me the status of the Resort? I've tried calling and emailing the TMA but I only seem to receive cryptic responses that produce more questions.
For example:
I've heard we've had two deals to operate the Resort or purchase assets, which have both fallen through. In one case, the money person was a no show to the closing.
That the TMA does not yet have a contract to operate the Resort yet is spending money, going in debt, and now taxing homeowners an additional $3,000 a year and lot owners $1,200, to cover losses. This has made it hard for real estate sales and a burden to homeowners on debt that has not been clearly explained, prior to accepting debt. Not to mention we've had a water issue for the past five years that is just now being addressed? Doesn't the M in TMA mean municipal? Isn't the function of the TMA to cover our roads, water, sewer and upkeep? Does it really mean being a Resort Operator, at such huge losses?
That the TMA now has a private funding group that has purchased Resort assets. Do the by-laws allow the TMA to create other sub companies for private deals, then use TMA as a corporation to intentionally loose money to back the sub companies risk and liabilities?
I've heard that New Trac is actually still the owner of the Resort.
Has a bonafide new buyer come to the table or are all we doing is protecting someone else's Resort again at our expense?
I agree that we need to do what ever we can to protect our home values. Is paying for someone else's property the way? Do we get anything for the extra money like free family ski passes? Discount or free TVT services?
If according to the homeowners meeting, the TMA is purposefully going into debt another $850K this year doing ski operations. Why is a 4 day ski week not being reviewed to lessen this debt? Why is F&B not being out sourced? Why is lodging not being outsourced to VVR?
The information that is being shared is that salaried positions are up, more liabilities are being accepted, and purchasing 8-10 year old equipment is the rule.
I've also been promised an invest package, explaining this new company and all the trimmings, yet after reminders, information is not disclosed.
Can a HOA not for profit purposely operate in the red, create private for profit corporations for a private few, buy assets without firm contracts in hand to operate, and then levy undisclosed or improperly explained assessments on the homeowners to have to pay? Is this even fiduciary responsible, walking into such debt? Didn't the TMA do this before and loose all the reserves we had built up? Why do some homeowners know more details while others are kept in the dark? This sure doesn't feel to me like a TAM FAM.
Or, I'm incorrect. There is a new buyer going to purchase all this back from the TMA and at a profit that will be shared back with all the homeowners?
I've asked these questions of the two Board members I know but either I get no response or a short email thanking me for my feedback. I didn't realize that questions and seeking understanding was feedback.
Perhaps I'm the only one here not getting information so I'd appreciate anyone who can share with me what they understand.
Thank you in advance. You may reply to me off list if you'd prefer.
Respectfully,
Steve Gustafson
st...@ebl.org
Excuse typos due to thumb typing.
Rory Veal
Oct 17, 2016, 6:45:54 PM10/17/16
to tamarack-...@googlegroups.com
You should post this on the Tamarack Resort page - I'm sure it will get
noticed if it goes public.
Rory Veal
425-870-5059
Find Out What Your Home Is Worth By Clicking Here!
Managing Broker | John L Scott Real Estate
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noticed if it goes public.
Rory Veal
425-870-5059
Find Out What Your Home Is Worth By Clicking Here!
Managing Broker | John L Scott Real Estate
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