As all of you are aware of, last year was a challenging one as a result of a VI Court Order that temporarily created obstacles to collecting delinquent member accounts.
One year later, we still await a response from the Department of Licensing to remove the obstacles, but the prolonged delay has placed a burden in our financial reality, making it difficult to cover the shortfalls. As is, we estimate that to date we have approximately $4,000,000 in delinquent and long outstanding member accounts.
While we have tried to avoid increasing our operation fees --or making assessments unless absolutely necessary-- the situation at the moment is that there are projects and tax obligations that will have to be addressed by special assessment. We hope that we can eventually come to terms with Licensing but until they remove the obstacles to our collection efforts, we are left between a rock and a hard place. We realize that this is not the best time of the year to do the assessment however, our hands have been tied. The good news is that this year we are beginning to generate additional revenue from the hotel rental program and, over time, it will help to cover operating costs.
We have calculated the assessment at $875.00 per week, due and payable by May 15, 2017. If a member pays their assessment on or before May 1, 2017, that member will be eligible to receive, with proof of early payment, a free room upgrade, based on availability, on each eligible membership week until April 28, 2020.
The upper pool deck must be shored and parts must be torn down and rebuilt. The pool must be emptied to fix and repair leaks. The tile must be replaced in some areas.
The sofas and mattresses must be replaced in all units.
We are in need of screen doors for balconies and windows.
The new generator pad must be completed and the generators and fuel tank moved to the new location.
We need to complete the cyclone fence around the property, and the road into the property, due to high traffic wear and tear, must be fixed and paved.
We also received from the government a breakdown on our outstanding property taxes. Our goal is to pay a significant down payment and work out a formal payment plan within the next 30-45 days.
We understand that an assessment at this time might sound onerous, but we have no choice. Without collecting the outstanding arrears, we are left only with the maintenance fee budget that must be applied to the day to day operation, until the hotel rental program builds up enough revenue to compensate for any shortfalls.
To those of you who wish to be released from your membership obligations or want to discuss alternate payment alternatives, please contact Viola at 340 -777-6000 or email email@example.com .