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5/8/2010 12:41:33 PM
 
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Section 5: OPA Board Subject: OC Bayside Debacle Msg# 738406
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The $1 million, 99-year "kicker" would be worth about $10,000 a year. By year 50 the true worth would probably be about 20 cents in today's dollars after OPA spent the entire initial amount for a pool cover or something, rather than investing it for the entire 99 years. As for not submitting the proposed 99-year lease to the membership on referendum, that is an issue you need to take up with your fellow board members. Association members had no say in the decision. |
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For reference, the above message is a reply to a message where: Joe: There was indeed a lease offer made. There was a great deal of discussion which started with the re-write of the proposed lease. The board never entered into, or allowed the membership the opportunity to vote on a 99 year lease for the property they have been leasing to Seacrets for over eighteen years The membership has just entered into a new five year agreement for a total term in the neighborhood of twenty three years. My guess is the membership will continue to lease the property to Seacrets for many many more years but without the benefit of the One Million Dollar ($1,000,000.00) kicker. Marty
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