Residents Alliance February 7 th , 2019 Agenda Presidents Report 1) - - PowerPoint PPT Presentation

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Residents Alliance

February 7th, 2019

Agenda

President’s Report

1) Special Meeting –Gateway Water (Tuesday, 2/26, Magnolia Room) 2) Annual Community Garage Sale (Saturday, 3/2 – Handout page 1) 3) Nextdoor.com 4) Emergency Contact Information In PP. (Handout Page 2)

Agenda

President’s Report

1) Special Meeting –Gateway Water (Tuesday, 2/26, Magnolia Room) 2) Annual Community Garage Sale (Saturday, 3/2 – Handout page 1) 3) Nextdoor.com 4) Emergency Contact Information In PP. (Handout Page 2)

Community Garage Sale Information.

(Handout Page 1)

Agenda

President’s Report

1) Special Meeting –Gateway Water (Tuesday, 2/26, Magnolia Room) 2) Annual Community Garage Sale (Saturday, 3/2 – Handout page 1) 3) Nextdoor.com 4) Emergency Contact Information In PP. (Handout Page 2)

Agenda

President’s Report

1) Special Meeting –Gateway Water (Tuesday, 2/26, Magnolia Room) 2) Annual Community Garage Sale (Saturday, 3/2 – Handout page 1) 3) Nextdoor.com 4) Emergency Contact Information In PP. (Handout Page 2)

Emergency Contact Information Sheet Handout – Page 2 Stickers available today at Meeting Room Door. After Today, availability will be at Soleil Fitness Center Desk.

President’s Report - Continued

5) Flow Chart for Pelican Preserve and Responsibilities. (Handout Pages 3, 4, 5). 6) Annual Cost Sheet For Pelican Preserve comparing 2018 to 2019. (Handout Page 6)

Presidents Council Neighborhood Associations

Flow Chart for Pelican Preserve and Responsibilities

Handout Pages 3, 4, 5

President’s Report - Continued

5) Flow Chart for Pelican Preserve and Responsibilities. (Handout Pages 3, 4, 5). 6) Annual Cost Sheet For Pelican Preserve comparing 2018 to 2019. (Handout Page 6)

Annual Cost Sheet for Pelican Preserve (Handout Page 6)

Treasurer’s Report

Steve Lubinski Handout Page 9

Committees / PP Entities / Projects

Reports Committees / PP Entities / Projects

Bulk Services Committee Tom Chial Steve Citron Dave McDonagh

Comcast Agreement Key Points

• Current Pelican Preserve agreement

Ø Effective as of April 1, 2013 Ø Between provider and Master HOA Ø Supersedes all previous agreements Ø Initial rate for 2013 was $33.99 plus taxes Ø Allows up to 3% maximum annual increase Ø 5 year initial term triggered at 1,650 units (April 1, 2016) Ø Automatic renewal every 2 years beginning at end of 5 year initial term with 90 day termination option Ø Rate for 2019 is $39.40 plus taxes ($43.81 with taxes) Ø 12 year maximum term limit

Two years and two months remaining on agreement

Committee Accomplishments

• Contracts review

Jun-Sep 2017

• Providers identified

Feb 2018

• Provider questionnaires

Apr 2018

• First meeting with Providers Jun-Jul 2018
• Met with Converged Services Inc Jul 2018
• Deployed first survey

Jul 2018

• Comcast penetration report Sep 2018
• Deployed second survey

Nov 2018

• Met with six communities

Mar 2018 - Jan 2019 Ready to move on to next phase of process

Committee Accomplishments

2017 2018 2019 2017 Contract Review Feb 2018 Team grows to three members Feb 2018 Providers identified Mar 12 2018 Met with Plantation May 23 2018 Met with Colonial Jul 18 2018 Met with CSI Oct 30 2018 Spoke with Paradigm Broadband Sep 9 2018 Hampton Park Jun 21 2018 Met with Hotwire Sep 19 2018 Comcast penetration report Nov 14 2018 Spoke with Reflection Lakes Jul 25 2018 Met with Summit Jul 11 2018 Met with Comcast Jan 14 2019 Met with Shadow Wood Jul 31 2018 1st Survey Today Nov 31 2018 2nd Survey Jan 21 2019 Met with Pelican Bay

J J A S O N D J F M A M J J A S O N D J

Significant level of activity

Apr 15 2018 Questionnaire sent to 4 providers

Straw-Man Schedule

• Submit RFQs

Jul 2019

• Quotes received

Sep 2019

• Negotiations complete

Dec 2019

• Recommendation to Master HOA Jan 2020
• Contract execution

Feb - Mar 2020

• Engineering and construction Apr 2020 – Jan 2021
• Resident Installation

Oct 2020 – Feb 2021

• New agreement start date

Apr 2021 Final decision is made by Master HOA

Straw-Man Schedule

201 9 202 Jul 2019 RFQs submitted Feb - Mar 2020 Contract execution Dec 2019 Negotiations complete Feb 7 2019 Residents Alliance Meeting Jun 2020 - Jan 2021 Construction Jan 2020 Recommendation to Master HOA Sep 2019 Quotes received Apr 1 2021 New agreement start date Apr - Jun 2020 Engineering & Permits Oct 2020 - Feb 2021 Resident installations 202 1

J F M A M J J A S O N D J F M A M J J A S O N D J F M A

Construction phase takes almost one year

Bulk Services Committee Survey # 1

Comcast Satisfaction Survey

• 28 questions covering:

Ø Demographics Ø Satisfaction with Comcast/Xfinity products Ø Satisfaction with service delivery Ø Troubleshooting assistance and technical support Ø Value received from Comcast/Xfinity

• Survey sent to over 2,000 known email addresses
• Deployed on July 12, 2018 and closed on July 31,

2018

• 904 total responses (excludes duplicate submittals)
• 393 open-ended comments and observations about

Comcast/Xfinity received

130 276 206 169 69 38

50 100 150 200 250 300

Very satisfied Satisfied Neutral Dissatisfied Very dissatisfied Not applicable/No opinion

The value I receive for cable paid by the HOA

72% Neutral or better – 28% dissatisfied

175 382 159 113 41 13

50 100 150 200 250 300 350 400 450

Very satisfied Satisfied Neutral Dissatisfied Very dissatisfied Not applicable/No opinion

Availability of TV channels I want

82% Neutral or better – 18% dissatisfied

268 415 133 41 15 9

50 100 150 200 250 300 350 400 450

Very satisfied Satisfied Neutral Dissatisfied Very dissatisfied Not applicable/No opinion

Cable TV picture quality

94% Neutral or better – 6% dissatisfied

131 305 171 173 51 60

50 100 150 200 250 300 350

Very satisfied Satisfied Neutral Dissatisfied Very dissatisfied Not applicable/No opinion

Internet Service

73% Neutral or better – 27% dissatisfied

59 149 101 75 26 473

50 100 150 200 250 300 350 400 450 500

Very satisfied Satisfied Neutral Dissatisfied Very dissatisfied Not applicable/No opinion

Telephone Service

54% do not have telephone service

75% Neutral or better – 25% dissatisfied

71 211 239 208 74 83

50 100 150 200 250 300

Very satisfied Satisfied Neutral Dissatisfied Very dissatisfied Not applicable/No opinion

Price Stability

65% Neutral or better – 35% dissatisfied

Bulk Services Committee Survey #2

Bulk Services Survey

• 27 questions covering:

Ø Demographics Ø TV viewing, preferences, and future needs Ø Internet usage Ø Current TV/Internet provider(s) used Ø Bulk service priorities

• The survey was sent to over 3,500 known

email addresses

• The survey was deployed on November 9,

2018 and closed on November 30, 2018.

• Responses totaled 833
• 312 comments and observations received

Please indicate methods you use to view live television programming

804 34 110 17 100 200 300 400 500 600 700 800 900 Comcast Cable Antenna Free Internet TV Satellite Comcast Cable Antenna Free Internet TV Satellite Series1 804 34 110 17

Cable TV is predominant source for live TV

Given your current thinking, how likely would you be to make any of the following changes in the next 2-3 years?

85 4 205 210 357 50 100 150 200 250 300 350 400 Change from cable TV to Satellite Change from satellite to cable TV Eliminate your landline telephone Replace a conventional TV with a smart TV Stream movies, TV Series, or other programming to your TV Change from cable TV to Satellite Change from satellite to cable TV Eliminate your landline telephone Replace a conventional TV with a smart TV Stream movies, TV Series, or other programming to your TV Series1 85 4 205 210 357

Moving toward new services and technology

Please indicate which Non- Comcast services you use. (Select all that apply)

75 34 67 487 13 79 100 200 300 400 500 600 Alarm/Security service Energy Management Home Automation I stream programming from applications and services I use a satellite dish Internet phone Alarm/Security service Energy Management Home Automation I stream programming from applications and services I use a satellite dish Internet phone Series1 75 34 67 487 13 79

Streaming is popular

Beyond your community bulk charge for basic cable TV, what is your monthly retail bill for TV and internet?

24 111 317 256 89 21

50 100 150 200 250 300 350

$0 $1 to $50 $51 to $100 $101 to $150 $151 to $200 $200+

$51 to $150 retail cost is not uncommon

Do you purchase premium programming such as HBO, Showtime, Cinemax or others?

16 208 6 586

100 200 300 400 500 600 700

Yes, from another source such as HBO Now or HBO over Sling Yes, from Comcast Yes, from satellite TV I do not purchase premium programs

Majority do not purchase premium programming

Is having the community wired with Fiber important to you?

445 120 256

50 100 150 200 250 300 350 400 450 500

Yes No I'm not sure

Most believe that fiber optic architecture is important

How would you rank your priorities for the next bulk service agreement at Pelican Preserve?

INTERNET PRIORITIES

FIRST PRIORITY SECOND PRIORITY THIRD PRIORITY FOURTH PRIORITY LAST PRIORITY

Price 489 145 91 50 6 Download speed 269 336 132 31 10 Better Upload speed 77 150 284 201 25 Less downtime 164 139 144 269 19 I don't use or want internet service in my home 9 5 2 6 343

Price ranks highest

Which of the following services do you support for a community-wide bulk agreement?

160 745 726 59

100 200 300 400 500 600 700 800

Home telephone Internet Television I don't support a bulk agreement Home telephone Internet Television I don't support a bulk agreement Series1 160 745 726 59

TV and internet are both supported

I would be willing to change providers for better services in our community

101 714

100 200 300 400 500 600 700 800

No Yes

Most are willing to change for better services

Summary

• A significant amount of data was gathered in 2018 from

research and surveys

• Quotes, negotiations, and value analysis in 2019
• Contract execution, construction, and resident

installations in 2020

• Current Comcast agreement will be terminated on

March 31, 2021

• Project completion and new agreement in place April 1,

2021 Goal is best value for Pelican Preserve residents

Reports Committees / PP Entities / Projects

Terri Lollio General Manager

2018 – A Year in Review

• Over 150 new homes were added to

the community bringing the total to 2089

• Although changes can be challenging,

they can also be exciting as we welcome the following new employees, in addition to our seasonal employees.

New Employees

• Executive Chef, Nick Deems
• F & B Manager, Kelly Entsminger
• Town Center Receptionist, Ashley

Gonzalez

• Landscape Superintendent, Jon

Brestle

• Marjorie Taipe-Vasquez, Lifestyle

Attendant

More updates

• Festive Friday is now at Flip-Flops
• A recumbent bike and rower were

added in Fitness Center

• Saturday hours at Soleil Health &

Fitness Center will be extended to 4:00pm beginning February 9.

• A lifestyle attendant position was added

to help with coffee service at the Town Center.

Town Center Fees consists of two fees:

Town Center Membership Fee

• This is reflected on your Town Center

statement as Base Amenity Fee

• Per the documents, the Town

Center Owner can increase or decrease this fee, but not more than 10% annually.

Town Center Operating Expense Fee

• This is reflected on your Town Center

statement as Town Center Dues

• Operating expenses are included in

this calculation, as well as improvements and repairs to existing facilities

• The net margin after operating

revenues is divided by the anticipated build-out number of 2500

2019 Town Center Fees - Annual

• Base Amenity Fee:

$1272+ 6.5% tax ($82.68) = $1354.68

• Operating Expense Fee

$1282+ 6.5% tax ($83.33) = $1365.33 TOTAL 2019 FEES $2554+ 6.5% tax ($166.01) = $2720.01

Quarterly Fees

Town Center Fees are billed quarterly, payment due within 30 days $638.50+ 6.5% tax ($41.50) = $680.00

• 1st quarter – Dec/Jan/Feb

Billed Nov 30

• 2nd quarter – Mar/Apr/May

Billed Feb

• 3rd quarter – Jun/Jul/Aug

Billed May 31

• 4th quarter – Sep/Oct/Nov

Billed August 31

Department Operating Revenue

• Food & Beverage

$1,523,569

• Tennis

38,390

• Fitness

145,545

• Other

179,902 TOTAL REVENUE $1,887,406

Expenses

Department Operating Expenses

• Administrative

$ 1,561,368

• Food & Beverage

1,172,613

• Landscaping

321,936

• Tennis

233,723

• Fitness

455,415

• Aquatics & Recreation

212,785

• Marketing

66,782

• Other

365,440 Total Department Expenses $4,390,062

• Cost of Sales
• Food & Beverage

640,778

• Fitness & Tennis

14,185 TOTAL EXPENSES $5,045,025

2019 Town Center Operating Expense Fee

• Operating Revenues
• Operating Expenses
• Capital Expenses
• Net Margin
• Buildout (homes)
• 2019 Operating Expense Fee

$ 1,887,406 $ 5,045,025 ($,3,157,619) $ 46,250 ($3,203,869) /2500 $ 1282

Lee County Sales Tax Increase

The Lee County sales tax increased from 6% to 6.5% effective January 1, 2019. Therefore, the Town Center fees will reflect a slight increase in the second quarter fees billed in February. There will be no prorated dues for January. This will take effect in February.

Florida Sales Tax

Town Center fees are subject to sales tax pursuant to the following Florida statute:

• FLORIDA COUNTRY CLUB’S MEMBERSHIP

FEES SUBJECT TO SALES TAX

• On January 20, 2012, the Florida Department
• f Revenue, in Technical Assistance

Advisement 12A-003 ruled that a country club’s membership fees, paid by homeowners in the communities surrounding the club, are subject to sales tax pursuant to Section 212.04(1)(a).

2018 Completed Capital Improvements

• Repaired and repaved Town Center parking lot
• Completed library shelves
• Replaced AC unit in Theater
• Replaced AC unit in Magnolia Room
• Added gutters and downspouts to Flip-Flops/Group

Exercise room

• Added sidewalk from golf cart parking lot to Town

Center promenade

• Purchased new dinnerware for Destinations

Other 2018 Completed Projects and Purchases

• Repaired, resealed and striped Veneto

Drive

• Updated locker rooms in Soleil with

new wall tiles and paint

• Cleaned out main drains on Veneto

Drive that had caused extensive flooding

• Improved and updated landscaping
• Replaced two fryers in Destinations

Continued

• Replaced refrigerator in Destinations
• Added pavers behind Flip-Flops
• Conversion to LED lights on street light
• poles. Conversion will continue on all

lighting throughout the Town Center.

• Added string lights to pier and Flip-Flops
• Replaced and added additional speakers in

promenade area

• Added chairs at Pickleball courts and Dog

Park

2018 Incomplete Capital

• Replace/repair sound system/projector in

theater, if required

• Purchase additional portable bar
• Install awnings at Flip-Flops (waiting on another

bid)

• Replace dishwasher at Destinations, if required
• Windscreens on Pickleball courts
• Enclose patio at Destinations
• Walk-in cooler at Flip-Flops – on order

2019 Planned Capital Improvements

• Additional umbrellas added to promenade and

pool areas

• Improve accessibility features for five doors at

Soleil, Admin building and Destinations

• Dog park run
• Additional fans at Flip-Flops
• Additional chaise lounges for outdoor pool area

Please note that capital improvements are subject to change.

Golf Cart Parking

• As we strive to maintain the clean

appearance of the Town Center, we are asking Residents to utilize the golf cart parking lot and refrain from parking in the Town Center promenade near Destinations.

• The golf cart parking lot is located next to

the lagoon pool and tennis courts.

• A walking path has been added from the

parking lot to the Town Center Promenade for your convenience.

Car Parking

• Please do not park in the fire lanes

at the Town Center. Emergency vehicles and mail trucks cannot access the fire lane when cars are parked.

Thank you!

Thank you for taking the time to attend this meeting and for your continued support. I look forward to another great year at Pelican Preserve. Please feel free to contact me if you have any questions or concerns. It is vitally important to me that the residents are the “eyes and ears” of the community to help us continue to maintain and improve the lifestyle you are accustomed to.

Reports Committees / PP Entities / Projects

Master Association Turnover Scott Scharnott/ Rich Rittenberg

Frequently Asked Questions

• What is a Turnover, or Transition from

Developer Control to Homeowner Control, of a community?

• Developer resigns their seats on the Board and

homeowners elect a new Board.

• All documents and records of the

Association are turned over to the new Homeowner Board members.

FAQ’s Continued

• Developer Turnover
• Turnover within 90 days - reaching 90%

closed units. (2250)

• The Developer has responsibilities beyond

turnover.

• The Developer pays assessments.
• Final Lift of asphalt on roads that have not

been completed.

FAQ’s Continued

• What happens after Turnover?
• All contracts remain in place.
• All insurance policies remain effective
• All bank accounts are in the Association’s

name – New Signature Cards will be filed.

• The GSCDD is responsible for their assets
• outlined within the O&M Agreement.

Thank You!

• Property Managers
• Scott Scharnott & Christopher Santos
• sscharnott@castlegroup.com
• csantos@castlegroup.com
• (239) 985-1634
• Register Online at:
• www.pelican-preserve.net
• Come see us at:
• Castle Group Office

Pelican Preserve Sales Center 10571 Veneto Drive

• Monday-Friday 9:00a-4:30p

Reports Committees / PP Entities / Projects

Master Association Turnover Rich Rittenberg

Turnover Committee-Key Principles

• Turnover Likely in 2019
• Develop Qualified Cadre for Board
• Work Closely with Castle
• Cooperative Approach with Lennar
• Retain HOA Attorney
• Post Turnover-Short Term
• Continuity—Keep Contracts in Place

Turnover Committee-Actions/Goals

• Prepare for Turnover Process
• Establish Knowledge of Florida rules for Turnover
• Review Association Core Documents
• Met with Hampton Park/Stonybrook communities
• Selected Attorney
• Steve Adamczyk- Goede,Adamczyk,DeBoest,Cross

firm

• Limited/Deferred Billing
• Briefed Committee Jan 31
• Recommend Changes to Key Documents to Request

from Lennar

• #/Board Members
• Declaration Amendment Process

Turnover Committee Actions/Goals

• Request Lennar to Make Key Document

Changes

• Request Lennar to set firm Turnover Date
• Initial Review of Major Contracts
• Except Comcast - No long-term contracts
• Master may terminate Comcast beginning

3/31/2021

• Comcast Contract Review/ Long Term

Telecom Plan

Turnover Committee-Future Board Focus Areas

• Post Turnover Audit Process
• Possible Town Center Purchase
• Sales Center Transition at Buildout
• Post Turnover Contract Reviews
• Post Turnover Budget Process
• Establishment of full board capabilities

Turnover Committee-Wrap-up

• Turnover Preparation is Ongoing
• Turnover Will Occur
• 2019-- Close to a Certainty
• We Will Be Prepared

Written Reports

Pelican Preserve Advisory Committee - Pages 13, 14 Neighborhood Associations Presidents List - Page 15 Neighborhood and Street Names - Page 16 Sewing Pelicans - Page 17 Residence Alliance Membership Application - Page 18 (Refer to the following pages in the Resident Alliance Handout)

Reports Committees / PP Entities / Projects

Town Center Purchase Dave Matthews Rich Rittenberg Philip Rovner

Why Would We Want to Own TC?

• The Community will make future decisions
• n TC amenities and costs.
• Efficiencies from TC operations are retained

by the Community, not going to a for-profit company

• The fees, which we must pay, driven by our

community decisions regarding TC amenities. We gain beneficial control of the future of Town Center

Community Organizations

Organizations of interest for Town Center Purchase

Quick Refresher

• Lennar owns the Town Center (TC)
• Lennar is free to sell the TC at any time to anyone but…
• All Owners must pay two TC Fees to TC owner
• Operating Expense Fee
• Membership (Base Amenity) Fee
• This obligation tied to individual property owner’s Deed
• Lennar pays their share of these fees for unbuilt homes
• The PP Community Association (Master) has the
• ption, per the TC Documents, to decide to purchase

the TC at buildout; No resident vote required

• Buildout estimated in 2022

Quick Refresher

• The “Price” of TC at buildout is set by TC

Declaration formula

• Pursuing an early (pre-buildout) purchase

benefits the community by capturing currently low interest rate and accelerating control of TC.

• Use of Membership Fee to service borrowed

funds avoids need for a special assessment

The Residents' Alliance has taken the initiative to actively pursue early purchase of TC by the Master Association.

A lot has happened since we last met

• 1/30/18 - RA presented intent to pursue early

buy of Town Center (TC)

• 2/24/18 - TC Amenities Survey; ~ 65% of 1006

responses favored early buy

• 3/27/18 - RA presented survey results & intent

to pursue early buy of TC

• 4/25/18 - RA passed resolution engaging

Vesta for TC purchase pursuit

• 5/3/18 - First Meeting with Lennar on TC

purchase

A lot has happened since we last met -2

• Jul-Oct /18 - Slow progress, initial terms

developed & expanded in detail

• Nov /18 - Renewed interest by Lennar & RA/

Vesta team to define deal

• 11/26/18 – Unsatisfactory deal terms led to RA

resolution to terminate relationship with Vesta.

• Dec 2018 - regroup and revise; Confirmed

Lennar commitment to only sell to Owners.

• 1/4/19 - Community update email on TC

purchase

Maintain Focus on Primary Objectives

• Secure the Town Center ownership for the
• ngoing benefit of Owners.
• Capture the cost savings resulting from

currently low interest rates

• Structure deal without special assessments
• retain the TC Fee structures per TC Declaration.
• Create reserve funds, which do not exist today

Currently working details and timing

The Deal – High Level Overview

• Seller: Lennar - Ongoing discussions, some

key issues resolved, more remain.

• We have Lennar’s commitment to only sell to

Owners.

• Buyer: Master Association with owner

control

• One closing to achieve Master Board ownership
• Funds: Purchase + Reserves from

experienced bank

• No Special Assessments to purchase
• All repayment funds from existing TC Membership fee

structure

The Deal – High Level Overview (2)

• Retain existing management companies
• Mitigate startup risk and retain our

experienced staff

• Develop Master Association personnel

pre-transition

• Reduces transition risk regardless of TC purchase
• Lennar continues to build & sell to

completion

• Retaining Sales Center until buildout

Major Event Timing

TBD = To Be Determined

* On or Before 90% Buildout

What’s in The Model

Governing Documents

SHORT NAMES

DRI Master Declaration Town Center Declaration HOA Statute

Commonly Asked Questions

• Sales Center: Not part of TC Purchase
• Golf Course: Not part of TC Purchase
• Special Assessments: Not part of TC

Purchase Plan

• TC Operations Post Purchase: The Buck stops

with us – there is no source of deficit funding.

• Anticipate formation of a Master Association

Board advisory committee for resident engagement in future amenities and costs.

Valuation (Getting at the Price)

• TC Declaration establishes a formula price at

Buildout

• (# homes X Membership Fee ) / 8.5% Cap Rate
• 8.5% is the specified capitalization rate, a common

measure for real estate investments to judge their profitability and return potential

• Net Operating Income in this situation is being defined

as the Member Fees for all homes.

• We started from here and adjusted for timing,

payout of unbuilt homes, completion of capital projects, various fees and costs for the purchase.

How Can We Pay?

• In 2022 the purchase price could be about

$41M if TC Membership Fee increases at historical 3% rate.

• In 2022, the TC Membership Fee will be

generating about $3.5M annually to finance the TC purchase.

• The Model projects substantial savings to buy

early (before Buildout)

Lenders find the TC Membership Fee to be an attractive revenue stream as the basis of a loan.

Golf Course & The Club

• The purchase of the Golf Course is NOT part of TC

purchase effort.

• Transaction more complex than TC since no

defined buyer or defined funding source to underwrite the purchase

• It is widely recognized that Golf Course is a strong

contributor to community property values

• We believe Lennar may be interested in selling the

golf course to the owners

Golf members and interested community members are encouraged to take the initiative to establish a dedicated team of members to engage in this evaluation

Post Purchase Operations Questions

• Questions/opinions were received regarding maintenance

and operations at Town Center and how things might be done differently.

• Our current approach: retain ICON as the property manager
• Minimizes delay and disruption during the transition period.
• PP Community Association (Master) Board will manage the contract

for Town Center operations post purchase.

• As previously stated, we have an objective of retaining the

excellent TC staff and this certainly includes Terri Lollio as the TC Manager.

• Her leadership and engagement in the culture and performance of

the Town Center is recognized by many as key to its success now and in the future.

• To facilitate communication of issues and sharing of

constructive input we anticipate an advisory group to the Master Association Board will be established.

We encourage active community participation.

In Summary…

• We are well on our way to 90% buildout
• Lennar is going to sell the TC sooner or later
• We have defined a proactive approach to

buy it sooner

• We need to execute the plan
• We have the opportunity to become
• wners not renters!

Thanks for Your Continued Support