Chris Miller requested TLT print the following:
I want to thank the 574 property owners who voted for me, we would have won had it not been for the Crown Resorts block vote. I knew going in we would start 168 votes in the hole, but I will not sell my soul to Crown for their votes. The block vote is the clearest indication that our system is broken.
Some may consider what I am about to say as negative, but it is as real as a tornado touching down and destroying everything in its path. Yes, we do live in a beautiful community with scenery, wildlife and lots of activities to satisfy many different tastes, styles and personalities. I remember a valley I used to hike in West Virginia. It followed a mountain stream up to the source where it poured out of a rock outcrop plunging down a 30’ waterfall. I would sit for hours and meditate; it was truly spectacular. In 1982, a tornado touched down and cut its swathe up the valley destroying everything in its path. It has never been the same since.
Treasure Lake is currently facing its own tornado, our board and management are doing everything in their power to manipulate the truth and paint a rosy picture. It is easy to buy in to this false sense of security, after all, if we think a problem doesn’t existwe don’t have to worry about it.
Here are some cold hard facts:
1. The $800,000 “profit” our board and management presented at the annual meeting is fictitious. It only occurred because budgeted projects were once again deferred making the top line look attractive. Quite frankly, our board and management should be ashamed to have presented it this way.
2. Our current loan with S&T Bank is roughly 5 million dollars and is on a variable interest rate. The rate is due to increase and our interest expense will be approximately $250,000.00 this year.
3. We have 5.75 million in deferred maintenance looming on the horizon. This number does not include lake dredging, a new ice cream shack, ski lodge repairs or storm water management. Add those to the total and we are approaching 10 million in deferred maintenance.
This is real and will not go away no matter what our board or management tells you. I am not against amenities, but where do we draw the line on wasteful spending? I estimated that our annual assessment will approach $2,500 per lot within 5 years. It must in order to operate as we are currently as well as fix the 10 million and pay back the 5 million.
I hope many of you will open your eyes, become more involved and challenge our board for their horrible decisions and pipe dreams like the $250,000 guard shack (more than many of us paid for the homes we live in) or leasing new golf carts after just replacing the batteries on the old ones – these are just 2 examples of a track record of wasteful spending.