More "Surprises" about
Cafe V ?
Questions continue as to the solvency of our essentially RESIDENT FINANCED restaurant, and we discovered some startling facts that we would like both members of the Sun City Anthem Finance Committee, as well as, Board of Directors, if they would clarify this information that appears to be vital to homeowners.
As we have previously reported, we
received comments from Board members Jim Mayfield,
Don Schramski, and Carl
Weinstein regarding the matter of association "surplus funds" and whether
or not any excess should be returned to homeowners.
Here is the latest information we
uncovered:
The 2014 Sun City Anthem audit shows:
The 2014 Sun City Anthem audit shows:
1. On October 15, 2014 the Sun City Anthem board allowed Cafe V to sign a promissory note whereby the restaurant tenant owed $34,093 in unpaid utility bills.
... bills that were paid with our resident dues assessments.
The agreement was that the restaurant
tenant agreed to repay Sun City Anthem over a period of about 2 years at an
interest rate of 2.75% , with monthly payments of $987.88.
Any balance after the expiration of the
promissory note would be then paid in full.
In addition to those monthly payments on
the promissory note, the restaurant tenant also agreed to pay all other
monthly utility bills as they became
due.
2. According to the auditor, as of December 31, 2014 (the end of our fiscal or business year) the restaurant tenant owed the association a total of $41,348.
2. According to the auditor, as of December 31, 2014 (the end of our fiscal or business year) the restaurant tenant owed the association a total of $41,348.
That total consisted of $31,358, the remaining balance on the promissory note...
...AND...
an additional $9,990 in unpaid utility
bills.
(apparently 3 payments on the monthly promissory of $987.88
were made with a portion of the sums applied to interest, with the balance being
used to reduce principal.)
What conclusion seems to be drawn from these
facts?
It would appear the restaurant tenant has broken their promise and failed to
pay current utility bills when due.
We have recently been made aware of a rumor...
...which we would appreciate ALL members of
the Board to either confirm...or...deny....and...explain the discrepancy in the above
figures.
It appears there is an effort lead by
the two woman board members to cancel the balance of
the promissory note and possibly some or all other unpaid utility bills owed to
the association by the restaurant tenant...
...and...
... force Sun City Anthem homeowners to
absorb the above referenced amounts.
As Anthem Opinions previously reported, it is now well known
that homeowners are...and will continue to be...the
primary financiers of Cafe V... through continued
reductions in rent on previously occasions from their original monthly
commitment of $4,000 to $2,000, and eventually to the present $1,000
amount....
...the result of which is a LOSS to Sun
City Anthem of $36,000 EACH YEAR to the conclusion of the lease
agreement....
...which, according to the terms of the original
lease...
...also...GUARANTEES that MINIMAL AMOUNT
for an ADDITIONAL 5 YEARS past the conclusion of the present
agreement.
It is likely this issue will be on the agenda of the June 25th board meeting.
In the spirit of transparency, we would hope the Board will
communicate their thinking on this matter.
By attending this meeting, residents have the opportunity to
express their opinions and show the Board how important this issue is to our
community.
Anthem Opinions Administration
After reading some of the topics this blog, Anthem Opinion, offered to it's readers, I have become a subscriber of this blog!
In my mind, since we live at this community we have rights to know what is going on in this community.
We also have obligations to make this community a better place for all of us!
We appreciate a "TRUE" volunteer's contribution to our community's well beings, yet, we despise any decisions made ignored homeowners' concerns!
Yes, we are a large community with huge sum of all homeowners association fees, which was collected quarterly from residents of this community, in our association pocket, yet, how to spend it is the key to a successful board which runs our community's affairs!
DON'T FORGET, WE, THE RESIDENTS OF THIS COMMUNITY, ARE THE TRUE OWNERS OF THIS COMMUNITY!!!
Your action making this community a better place is also needed!
Yes, we are retired, but we are not retarded!!!
As I indicated in the paragraph above, WE APPRECIATE OUR "TRUE" VOLUNTEERS CONTRIBUTIONS!!!
Be a "TRUE" volunteer of this community is an urgent need!!!
Thanks to Dick Arendt's writings bringing a lots of concerns we all need to be aware!
Just like Nevada's law of Guardianship brought to our attention by Rana Goodman, through her tireless effort changed the law!
We all need to thank them for their selfishness hard work making our community a BETTER PLACE!
Just read the latest on Cafe V.
The board continues to do “whatever” they desire with absolutely NO input from residents.
Sadly, many of the residents are totally UNAWARE of the situation.
The out of state residents get the Spirit but I’m not sure if they read the blogs, sadly!
Attendance at meetings seems to get smaller and smaller as residents feel it’s pointless to attend as decisions are made in advance of meetings.
Thanks for your efforts in researching yet another ongoing travesty in this community.
If the funds to maintain this losing restaurant were coming out of the board members pockets, it would have closed long ago.
Is SCA running a charity called Cafe V? This is outrageous and has to stop.
The numbers speak for themselves that the majority of the residents don't want it.
How does this impact the value of our homes and the albatross hanging over our head?
Obviously the majority doesn't rule in this instance.
Something has to be done soon to eliminate this liability from the books!!
This is insane how we have been duped by our board