Short- and Medium-Term Capital and Infrastructure Needs

[si...@buyvtrealestate.com]

Dear Starr Farm Campowners:

 

At our Spring meeting Campowners voted to have a committee to know more about our near and longer term capital needs required to sustain our beautiful Starr Farm Beach neighborhood.

 

As a result, a group of volunteers with diverse backgrounds and opinions formed the committee regarding the finance/capital related issues. The volunteers are:

 

Jeff Noyes, Camp 3

Ed Starr, Camp 5

Kelly Allen, Camp 7

Eileen Shovlin, Camp 10

Carol Cluff, Camp 14

Bill Parkhill, Camp 17

Mike Simoneau, Camp 22

Ann Cloutier, Camp 23

Carmela Monaco, Camp 27

Carla Van de Walle, Camp 28

Craig Avedisian, Camp 28

Conor O’Brien, Camp 34

 

The committee had its first meeting on July 30, and has already met a total of five times, not including sub-committee meetings. After some initial discussions, five areas of study were identified, and subcommittees formed for each. They are as follows:

 

1. Short and medium capital infrastructure needs and estimated expense
2. Long term capital issues, principally the 98-year lease, which has just over 71 years remaining
3. Possible financing mechanisms to fund capital and infrastructure needs
4. A review of governance-related issues to ensure best practices for financial matters
5. An insurance subcommittee to review Association insurance policies in order to understand what is currently provided, whether or not there are any “gaps” in the coverages, and whether the coverage limits are appropriate for the risks of our association

 

As a result of these efforts, recommendations to Campowners for some of the issues for area “A” are being made and your approval for the short-term infrastructure needs will be sought at the upcoming meeting. See the attachment which identifies the issues to be voted on, listed as “Near term – completion for next season”, and which will be funded from existing capital reserves.  Information for areas “B” through “E” will be provided, some at the upcoming meeting, and some over the fall as those other areas warrant further study, which will be ongoing.  Campowners will have an opportunity to comment and ask questions about all of the issues prior to November 10, 2025, and the committee, which will meet over the winter, will respond by February 1, 2026 and provide other updates to Campowners over the course of the winter.  This will leave time for another round of questions or comments if one is needed.  A hybrid in-person and video-conference “town hall” is also expected to be held in May 2026, all in furtherance of providing relevant information to Campowners.

 

These efforts are being made in order to inform/educate all Starr Farm Campowners. I think we can all agree that good planning helps achieve good outcomes. We value and take seriously the opportunity to serve you/Starr Farm, in this task.

 

Respectfully, Michael Simoneau,  Chair

 

 

Michael Simoneau Commercial Broker / Owner Geri Reilly Real Estate 802-307-9612 802-233-2011 si...@buyvtrealestate.com BuyVTRealEstate.com 340 Dorset Street, Ste 4, So Burlington, VT 05403

 

 

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[ca...@vandewalle.us]

Dear Fellow Campowners,

 On behalf of the Finance Committee, thank you to all who took the time to review the materials circulated earlier this fall and to submit comments and questions. We recognize that the memorandums were substantial, and we appreciate the care and thoughtfulness that went into the feedback we received. 

The Committee met today to begin reviewing and discussing the input. Subcommittees are now working toward a consolidated response that we endeavor to share with all Campowners no later than February 1^st (please see below email outlining the process and scheduling).

 Thank you again for your engagement and for contributing to this important community discussion.

 Best,
Carla
on behalf of the SFB Finance Committee

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