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5/8/2010 5:36:28 PM
 
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Section 5: OPA Board Subject: OC Bayside Debacle Msg# 738435
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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. This is a representative form of governing. We are "paid" to make decisions. Any member who does not agree in the decision may start a petition to have a referendum taken to determine if, in fact, the membership would want us to effect a 99-year lease on the Bayside property. As I recall, only one member of the Board favored the 99-year lease. The membership always has a "right" to any say in any Board decision. |
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For reference, the above message is a reply to a message where: 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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