Residents are deciding whether or not to approve a raise in HOA fees and a one-time special assessment of $2,000. There are many unknowns under Chapter 7, which could include part or all of the current $15M bankruptcy claim from the lakefront owners and loss of amenities while still paying for them. Subscribe to our Daily Headlines newsletter. This option allows us to maintain the day-to-day operations of our Club without interruption so that members and others can continue to enjoy our amenities. If we pay the $2.5M now, were done forever, other than ongoing maintenance of the small ponds, according to Judge Ballinger. You have permission to edit this article. However, the CC&Rs needed to be combined with the assessments at the amounts approved by each individual subdivision at that time. Our main desire is for members and guests, alike, to have a memorable golfing experience. Not necessarily. CCC also had a balloon payment due in October, for $600,000. Pennsylvania (/ p n s l v e n i / (); Pennsylvania German: Pennsilfaani), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States.It borders Delaware to its southeast, Maryland to its south, West Virginia to its southwest, Ohio to its west, Lake Erie and the Canadian province of . A Flagstaff man is behind bars, charged with aggravated DUI and kidnapping. On this point, the Legionnaires agree. One thing to remember, you will be required to pay additional Home Owner . The Lakeside homeowners want Continental to thrive as a strong community and healthy Association. An HOA faces bankruptcy because of its man-made lake. However, even if we cant use amenities, were still required to pay annual lot assessment fees even when unable to use amenities. Our clubhouse is over 50 years old and the other amenities require maintenance and repair. Full members will pay $550 annually, Associate members will pay $365 annually, Likely negative impact on property values, $15 Million Lake Elaine dispute unresolved, unknown outcome of the Lake land. The money for the signs was donated. If we convert to Chapter 7, the HOA cannot be sued by Lake Elaine property owners or any other entity. . *Country Club Homeowners: This amount is for quarterly dues only and is separate from mandatory social membership dues. Continental Country Clubs HOA files for Chapter 11 bankruptcy. The Court further concluded that failure to plan did not equate to an inability to comply., While the Legionnaires do not deny Continentals precarious financial situation, they dont think it inhibits or excuses them from upholding legal obligations surrounding Lake Elaine. We also have aging facilities that require upkeep with an insignificant amount of reserves. The reorganization plan imposes a one-time special assessment of $2,000. It is not clear how the bankruptcy might impact the Lake Elaine issue, but Bliss said it could lead to a situation where the HOA is able to eliminate the lake but pay the surrounding homeowners for the reduced value of their homes. Much of these claims of mismanagement are founded on an October 2020 Reserve Study of Continentals reserve fund to evaluate how it would maintain reserves above an adequate, not excessive threshold during one or more years of significant expenditures.. The fee had been set to begin at the start of February, . Chapter 11 Reorganization | FAQ | Communication with Members | Court Motions & Hearings | Media Announcements. A future owner of your home may find golf or the other amenities appealing. . Are you looking for a great golf course?Are you looking for a great restaurant?Are you looking for a great 55+ retirement community?Then, youve come to the right place. Panda Express is expanding to east Flagstaff. The property cannot be abandoned. A Chapter 11 Reorganization allows us to create a plan of reorganization (a new business plan) and show the court how CCC plans to effectuate the plan. There are no positives., Dissatisfied as the Legionnaires might be about the current state of Lake Elaine and Continentals proposed solutions, A successful vote is actually in everyones best interest, said Legionnaire and lakefront resident Tim Harrington in an email to the Arizona Daily Sun. Background: How did we get in this situation regarding Lake Elaine and the Bankruptcy? We have developed such a plan and are confident that if our members approve the two fees to support it, we will take a big step towards a better future for our Association, https://continentalflagstaff.com/things-to-know-the-continental-country-club-reserve-study/. They are down to earth, fun-loving people that enjoy spending time together laughing over great food and refreshing drinks. The special assessment will go into effect immediately and the annual dues increase, phased over three years, is estimated to begin in 2024. https://continentalflagstaff.com/planning-for-a-special-assessment-of-2000/, As the CC&Rs are currently written, townhome and condos have the right to vote on special assessments and on annual assessment increases of over 20%. This includes CC&Rs enforcement on the property, common area maintenance, amenities access and social activities. In a statement to the Arizona Daily Sun, Continental attorney Scott Cohen said, While Continental certainly has obligations other than the Lakefront Group, such as addressing its appropriate capital reserves to ensure proper maintenance of its amenities and common areas, this was not the primary cause for the bankruptcy filing.. The Villages, FL 32162 Directions. to fines, and Continental Country Club HOA reserves the right to require restoration of the property to its prior condition. The community is gated, includes 24/7 security and even allows pets. We will keep our facilities open and our employees will be working to ensure business as usual. Continental Country Club Who are the members of CCC? This offer was rejected, and the Class finds it unfortunate that the Association refused to further negotiate before moving forward with Chapter 11 in secret with no transparency or consultation of any members. A member may cease paying in protest, but the trustee will ultimately have the same rights CCC currently has to enforce and compel payment ultimately filing a lien on the property and foreclosing. The benefits are endless and your experiences will last a lifetime. One that was, you know, competent., Financial mismanagement reaches further back than the 2020 study, said resident John Nilsson. If you choose to deed restrict with CCC HOA, the Annual Dues for the current year will be waived! Get Adobe Acrobat Reader free to view these files. We do think that if we are unsuccessful in approving the fees necessary to support the reorganization plan, there will likely be a negative effect on property values with the reduced or possible loss of amenities currently enjoyed by HOA members including golf course or driving range, tennis or pickleball courts, swimming pool, clubhouse and Bear Paw Recreation Center. We face possible conversion to Chapter 7 Bankruptcy and liquidation of all our assets reduced or possible loss of club amenities such as tennis, pickleball, pool, golf and clubhouse. Held says the work would take time and millions of dollars. For the good of our residents and those who enjoy our facilities, it was time to take action.. Quick Facts Getting Around Continental Country Club Continental Country Club Learn more about this neighborhood. Continental Country Club Home and Lot Sales, Long-Term & Seasonal Rentals Are Currently Handled By: Click on the Link Below to See the Available Homes For Sale www.FourStarHomes.com Click this Link for Rental Homes. The Wyndham Timeshares (125 units) are Full Members of Continental just like all other owners. Do all members of the HOA get to vote for the new HOA Dues and Special Assessment? The 18-hole championship golf course at Continental Country Club is among the best-rated public courses in Flagstaff come visit us today to see why! An automatic stay is a provision in the bankruptcy law that temporarily prevents creditors, collections agencies, government entities, and individuals from pursuing Continental for amounts owed. There are condominiums, big and small, that you can purchase in the $180,000 - $300,000 price range. Reserve your next round of golf with our quick and convenient online booking engine. View 17 homes in Continental Country Club listed under Lake, Marion, Sumter & West Orange Marina Golf Course Pet Friendly Waterfront 17 homes available Properties per Page Are the fines associated with the October 2020 preliminary ruling being assessed currently? To him, the results of this 2020 study were disturbing.. The Ferraro Groups contract and the previous Cindy May Marketing contract are for the same amount. Most of it, though, is the result of the Associations failure to plan and its collective failure to confront issues and take proactive steps to address them. We don't yet know what the ultimate effect of that bankruptcy will be on the finding of contempt or on the long-term future at the lake. What is the source of funds that are being used to pay for all the signage and banners to support the special assessment? Log in, Continental Country Club HOA in Flagstaff, AZ, Forest Highlands Golf Club HOA in Flagstaff, AZ, Railroad Springs Townhomes HOA in Flagstaff, AZ. Reach him at sgolightly@azdailysun.com, on Twitter at @sean_golightly, or on Instagram at @golightly_writes. When were the clubhouse and clubhouse pool built? That fee would drop to $500 if the HOA begins refilling the lake and continue until it is full. and review fee to: Continental Country Club Architectural Control Committee 2380 N. Oakmont Dr. Flagstaff, AZ 86004 Front Rear Sides Lakeside Acres I 25 25 1) 25 Lakeside Acres II & III 20 20 10 Option #1 would be to deed the land to the 52 lakefront owners and pay them $2.5 million to repair and maintain the lake in perpetuity. $273 Buyer's Agent Commission 2.5% Street View Directions Ask Redfin Agent Cody a Question Cody Bauer Flagstaff Redfin Agent 2380 N Oakmont Dr And its free! Contrary to the Associations statements, a partial repair would cost nowhere near the millions of dollars suggested by the Association. Each year, members may elect a new board or move to a professional management association. Home to one of the best-rated public golf courses in Flagstaff, AZ. This anomaly resulted in 1994. How much are you paying for these signs Im seeing, and this PR firm? If it is to be divested, it must be accepted by a third party. Continental received $1500 in donations for marketing materials for the campaign. 3mi Publix Quick Picks Delivery by 11:00am Walgreens Delivery by 3:35am Sam's Club Delivery by 11:00am ABC Fine Wine & Spirits Delivery by 2:00pm. For more information contact Continental Country Club Guest Services at . In their statement, they note that lakefront homeowners have been very willing to work with [Continental] to negotiate a creative solution that would allow for repair of the lake as part of a holistic approach to address [Continentals] broad financial challenges., In their opinion, Continental has refused to meet them halfway and has tried to use the bankruptcy process to block enforcement of the 1990 Settlement Judgment and the 2020 contempt ruling., Lakeside Homeowners attempted to negotiate flexible options allowing for repair of the lake over time, the Legionnaire statement reads. 3. The obligation to pay dues at least at their current level runs with the land. Now, the association is asking homeowners to vote to approve two items a one-time fee and an increase in annual dues. application fee details: $55 app fee online at our website bishoprealtygrp. There are approximately 1,360 single-family homes (in addition to 1,030 townhouses, condos, and timeshares) within the Continental Country Club Homeowners Association. Associate Members have the option to upgrade on an annual basis to full members, although full members do not have the option to become associate members. In an email, the board president of the Continental Country Club HOA said the organization is facing several financial challenges, including the issue over Lake Elaine. Raising dues and increasing assessments is an important step to funding the reserves, Cohen's statement said. The question is why. Before buying in Cont Country Club HOA you will want to check out their reserve funds, budgets, bylaws as well as the rules and restrictions of the community. Our members are what makes the social membership so special. Two yeses mean $2.5M goes to either Option 1 or 2 as determined by creditors. This filing allows Continental and its homeowners the chance for a fresh start so we can best address several issues, Held said. Get up-to-the-minute news sent straight to your device. Trees are falling in Flagstaff and have been compromised as a result of recent winter storms. Continental owns and maintains the Walnut Canyon Lakes, and the Associations own experts have testified that Lake Elaine can be repaired. What are we voting on, what is the timeline/details? Were empathetic to those on fixed incomes, and offer payment plans to ease burdens. It bolstered the property values of homes located on the waterfront and was a gorgeous sight to see. Under the option, it would deed the Lake Elaine footprint to the lakefront owners and provide them $2.5 million raised from the proposed $2,000 payments so that the Legionnaires can implement a smaller lake or any other solution the Lakefront Group determines is appropriate with the resources available, and thereafter, maintain such improvements as they deem fit with no further contribution from [Continental] or its broader membership., Based on their statement, the reason Continental wants to sever their responsibility for maintaining Lake Elaine has to do with their skepticism that a long-term, sustainable lake is possible.
Keddie Murders Survivors,
Erika Flores Husband,
Why Does Nct Photocards Are Expensive,
Sussex County Arrests,
Articles C
