Bond Sale Closed and Recreational Facilities Purchased
Congratulations are in order! Last week on 11-21-19, the District closed the Series 2019 Bonds. With the proceeds the District purchased the Club, Recreational Facilities, and the land today. The bond sale produced financial results better than originally expected, as published in the bond referendum materials
There are a number of post-closing matters that the Board will consider as is typically the case. The two most important are the following.
(1) Sellers costs – as per the purchase/sale contract there are costs the seller legitimately can charge to the transaction, but each side is to bear its own attorney fees. The District and Seller have agreed the Seller will provide a full accounting and explanation for their proposed costs. The District will review these proposed costs. The parties will reconcile and true up any changes.
(2) Mutual Cooperation Agreement – the MCA was expected to be completed and executed by both parties by closing. This did not occur. The District was under the impression the MCA was fully negotiated and agreed upon. However, the HOA subsequently proposed terms unacceptable to the District. The District, based on review by Board Members and on advice of Counsel, is of the opinion the MCA is neither required under the purchase/sale agreement or necessary to close the transaction. The District would like to have an agreed upon MCA in the near future with terms acceptable to the District and the HOA.. The Seller supports adoption of the MCA.
Closing Celebration on December 4, 2019 at about 4:30 PM EST
As you know from previous Newsletters, the District will celebrate the closing of the bonds and the purchase of the Recreational Facilities with a casual, celebratory, gathering immediately following the December 4th Recreation District Workshop. The revelry begins at 4:30 pm in The Lakeside Room.
Workshop December 4th 3:30PM Card Room
Workshop December 4th 3:30PM Lakeside Room
Regular Meeting December 4th 3:30PM Card Room
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