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5/8/2010 11:17:07 AM

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Section 5: OPA Board
Subject: OC Bayside Debacle Msg# 738402

From:

Joe Reynolds OceanPinesForum.com

Joined 8/1/1999

To:

Jeff Knepper (Read)

Joined 5/29/2007

In case you don't see my other post on this:

JKnepper 5/5/2010
guess I am confused... The lease has an annual price of $40,000 or so, escalating. In addition, OPA will not have to pay the real estate tax on the property... I am not sure exactly what that figure is... but let's say it is $35,000 per year. That makes the annual return to OPA $75,000 ($40,000 plus $35,000). Since this is a five year lease... that aggregates to $375,000 on a property that is worth say, $2,500,000.

Knepper was apparently involved in the lease review, yet his words above clearly indicate he, like Marty, didn't have a clue as to the status of the taxes.

Jeff, I am not faulting you, rather OPA for obviously not providing those reviewing the lease with all the pertinent information. Aside from the tax-exempt status of the property for OPA itself, OPA apparently did not even inform those reviewing the new lease that the property assessed value had been reduced from $3 million to $1.3 million.

For reference, the above message is a reply to a message where:

Ted:

I guess I am confused... The lease has an annual price of $40,000 or so, escalating. In addition, OPA will not have to pay the real estate tax on the property... I am not sure exactly what that figure is... but let's say it is $35,000 per year. That makes the annual return to OPA $75,000 ($40,000 plus $35,000). Since this is a five year lease... that aggregates to $375,000 on a property that is worth say, $2,500,000. Not too shabby. And at the end of the lease... OPA still owns the property and Seacrets has an obligation to clean it up and return it to OPA in its original condition.

I'm not sure what is meant by the county getting a gift from OPA... is it a reduced assessment and lower tax? If so maybe we could get that and maybe we could not. I disagree with the statement that OPA would be far better off with a $75,000 non net lease. The outcome would be the same either way.

On the question of permission to put a path across the property... IMHO, once it is leased to Seacrets... OPA (the owner) would need the permission of Seacrets to put anything on the property or use it in any way. For all intents and purposes... Seacrets would be the "owner" of the property for the duration of the lease.

Jeff Knepper

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