To The Daily Sun,
Part 2 of 3 — "As I See It," Briarcrest/Hometown America:
The board of directors decided not to inform members of the Hometown America offer immediately, so they could check it out. And, evidently, the board of directors had at least several "conversations" (letter, phone, email?) with a person at Hometown America, as evidenced by a letter from D.M. at Hometown America dated Jan. 17, 2017 (first paragraph: "Per our discussions,......."; note the plural of the word "discussion"). This letter from D.M. of Hometown America was not shown to members of the cooperative until Jan. 30, 2017. Are the members of the cooperative not able to make a rational decision for themselves? Is the board of directors better able to make a decision for the members? I think not.
As I said above, the Hometown America offer should have been passed on to the membership immediately upon receiving it, to let the membership decide whether or not to proceed.
What is Hometown America giving us?
As for the letter itself, it spells out Hometown America's offer to buy the Lakemont Cooperative: re: purchase price, existing/in-place rent increases, market rent (new owner only), capital expenditures, staff, services, rule/late payment enforcement, resident application, 55-plus community, regional management and a "gift" of $350,000 for capital expenditure. If any member of the Lakemont Cooperative doesn't have a copy of this letter, please ask the board of directors for one. Basically, this is same offer Hometown America made two years ago.
Have we not acquired some equity in the past two years? Granted, very little equity, but at least some and the two banks we deal with are very happy in our dealings with them. We have done much better than predicted on our fiscal requirements. We are in the black! And can put some extra money away for capital expenditures and other reserve accounts — that's why the banks are happy with us. We have exceeded our fiscal expectations by a large amount!