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5/3/2010 8:04:42 PM

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Section 5: OPA Board
Subject: OC Bayside Debacle Msg# 737497

From:

Ted Moroney Past OPA Board Member 2018-2019

Joined 7/15/2006

To:

Joe Reynolds (Read) OceanPinesForum.com

Joined 8/1/1999

Joe,

As you may be aware, Bill Rakow has his hand in a cast and can't type. I am sure he would like to weigh in on this matter.

I believe the previous lease was for the entire property but restricted the use of the property to parking. You pointed out there were encroachments on OPA property. I am sure the reason the lease was renegotiated was to address that specific point as well as to spell out additional terms and conditions in more detail.

The land is valuable to OPA and to Mr. Moore. But until another suitor comes along it is Mr. Moore we must deal with as the only party that I know of interested in the property. He pays the taxes and OPA every year. The question is what fair rental value is and that is often defined as what the lessee is willing pay. I don't know what "fair market" value is to rent that space. We could explore a lease with someone else but they would likely need to construct a building to justify the cost, negating the usefulness of the lot as overflow parking for the Beach Club.

Ted

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

Since no one has apparently seen the lease, what is the factual basis for this comment?

The factual basis in context is confirmation from Bill Rakow that the lease is for the entire property, not just parking rights.

Is it possible the lease was improved for OPA?

The monetary value was improved for OPA, according to Rakow, but that amount is also top secret. However, the issue of money and land use are two different aspects. OPA's consultant told us we were collecting well below market value for the prior five-year lease.... doesn't anyone wonder why? There is, at a minimum, circumstantial evidence of a cozy relationship between someone at Seacrets and someone in OPA management at the time of the prior lease signing.

Seacrets NEEDS our parking more than we need their money. So, rather than use our bargaining advantage, the board not only gives them parking rights but essentially total control of the property for five years. I suppose that might be construed by some as a "improved" lease for OPA, but I don't.

What else is in the otherwise top-secret document remains to be seen.

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