Backup Documents 05/13/2014 Item #11B wt- (oc(
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February 14, 2014
La Peninsula Unit Owners:
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Please read this email very carefully and respond as requested at its conclusion.
In my MSBU petition cover letter dated July 8, 2013 I summarized the the elements
of the MSBU as a financial mechanism offered by the county that could be available
to us for the repair or replacement of our seawall. Rather than needing to
otherwise impose a large and burdensome special assessment on all owners, the
elements of the MUBU as we understood them in July were highly advantageous:
- The cost of whatever the seawall repair/replacement could be spread over
20, 25, even 30 years. As an example, a total cost of 5 million amortized
over 30 years spread to 176 units would be amount to approx. $1200-1500
annually per unit.
- The assessment would appear on the annual tax bill and be collected by the
county which would then make payments on the bond/bank debt.
- The county would also appoint an Advisory Board and it in combination with
an engineering firm selected by the county and a consulting law firm
contracted by the county would determine the nature and extent of the
seawall repair in a plan for submission to and decision by the Board of
Commissioners.
- The MSBU was to be ' revenue neutral' meaning that LaP would be expected to
pay all process costs (Advisory Board, engineering fees, legal fees, and
county management fees) so that no tax payer funds would be expended.
- We also understood that the planning process would culminate in a November
general election referendum in which only LaP owners who are registered
Florida voters could vote finally to approve or disapprove the plan. . . . a
backstop in the event of a plan that might be completely unacceptable to
owners.
More than one owner termed the MSBU a "no brainer. " The Master board were
unanimously in support, and all submitted petitions, as did 64% of all unit
owners. These petitions were submitted to the Board of Commissioners in October,
and an MSBU ordinance was ordered.
Then things began to change:
- We learned that the repayment time period would be 10 years, not up to 30
years. This meant that the annual assessment for each unit would amount to
$3, 700-3, 800 plus county management fees. ( unable to determine the
annual county management fee )
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- The financing would also be a bank loan rather than a long term bond
issuance.
- Also, while the annual MSBU assessment would be on the property tax bill,
it would be not tax deductible. (This had been uncertain before. )
- There will also NOT be a vote by owners in November or at any other time.
The MSBU process involving the Advisory Board, the selecting engineering
firm, and independent legal firm and county staff would generate a plan
for final approval or disapproval by the Board of Commissioners.
- THEN AS RECENTLY AS THIS WEEK, we learned that both the County Attorney
and the contracted legal firm would be recommending to the Board of
Commissioners that there be a ' bond validation proceeding' in
circuit court addressing the issue of whether an MSBU for LaP is legal, to
determine that there is a sufficient public purpose to it rather than it
serving a private purpose. (LaP owner interests) This proceeding would
happen AFTER the MSBU process had happened, but before the Board of
Commissioners would vote to approve or disapprove the MSBU plan.
This validation proceeding being recommended was in response to a
January public citizen petition by a Libertarian Party activist to the
Board of Commissioners to rescind the LaP MSBU ordinance.
Nabors, Giblin, Nickerson (the independent law firm) estimates that an
uncontested validation proceeding would cost $20, 000-25, 000, and a
contested hearing $40, 000. These would be costs to LaP in addition to
the $65, 000 that had earlier been advanced to the county. (Since and
unexpectedly returned to LaP. ) Likewise we would also incur additional
fees for attorney Tony Fires' involvement if we need to have him
involved. Were there to be a contested hearing NOT decided in our favor in circuit
court, an appeal would be to the Florida Supreme Court. This added
process will add 3-4 months (estimated) if uncontested; 12-18 months
(estimated) if contested and appealed.
So how should we think about all this?
This latest development ( the validation proceeding) was addressed by Attorney Tony
Fires at a special meeting of the Master Board held Tues. , Feb. 5, 2014. He was
unwilling to speculate about ultimate costs or time frames for this latest step to
happen. Likewise, there is no assurance that LaP would prevail. Furthermore, the
County Attorney Jeff Klatzkow in a Jan. 8 email states that ' there is growing
opposition to this MSBU. "
What are LaP owners now thinking? My sense is that support within the community
is slipping too as the obvious advantages of the MSBU as we earlier perceived them
have proven NOT to be true.
11j3
Owners have begun to ask if there is another alternative. In fact, there is a
possible and highly advantageous Plan B now for funding the seawall
repair/replacement. Preliminary discussions have been held with a bank that is
offering funding with attractive terms including 20 year amortizing. It is a
flexible line of credit that calls for interest only payment for the first two
years during the construction period. Assuming an average draw down of 1. 5 mil on
the LOC during the 2 year construction phase, the average annual payment per unit
owner would be $360. After the first two years repayment would begin on a 20
year amortization.
The interest rate during construction ( 2 years) and the next 3 years will be
4. 19%. After year 5 the interest rate will be pegged to a Federal Home Loan rate
. The balance after year 5 will continue on a 20 year amortization. No down
payment is needed. The loan would be secured by an assignment of annual special
assessments.
One advantage of this plan is that interest is paid only on money actually
borrowed. As for actual cost, if the seawall repair cost $3, 000, 000, when the cost
in repayment (beginning year 3) the annual cost per unit owner would be $1, 260.
The loan has NO prepayment penalty. Some owners, maybe many, will want to pay all
at once perhaps from their own LOC' s at lower interest rates. Closing costs and
points will amount to about $5, 000. (best estimate)
One key advantage to this plan is that we LaP owners and board have total control
over seawall costs, construction, and financing.
However, if we were to decide to ' take back' responsibility for seawall planning
rather than proceed with the MSBU, there would be the need to form a new,
representative, and best qualified committee of LaP owners to be appointed by the
Master Board with a mandate somewhat like the following
"The committee must develop a plan to repair and/or replace sections of the
LaP seawall, and provide for ongoing maintenance to prolong the life of the
seawall indefinitely. The committee will study existing engineering reports,
retain a qualified engineer for consulting and guidance, obtain cost
estimates, and present a comprehensive report and plan for distribution to the
LaP community and to the Master Board for approval. "
This committee will need to submit their plan to the Board in time for distribution
to LaP owners before the board action on the plan tentatively scheduled as an
agenda item for the April 16, 2014 master board meeting.
As owners at La Peninsula the Master board values your counsel, and therefore, we
are asking that you participate in and respond to this polling request. Consider
11 & :4
Plan A to be continuation of the MSBU effort. Consider Plan B to be appointment
of a committee to formulate and recommend a seawall repair and maintenance plan, a
plan entirely apart from any county involvement, financing or control.
To summarize:
— Plan A: Continue with the MSBU process. This option moves forward via
the county process as now changed to include an Attorney General' s
Opinion (AGO) on the question of legality. Also added is the bond
validation proceeding in Circuit Court and a possible appeal to the
Florida Supreme Court, all of which adds legal costs for LaP and leads to
delays that could reach 18 months before the BCC would vote finally on an
MSBU for LaP. (No promises of winning at either the Circuit Court of
Supreme Court levels. )
Plan A gives complete control concerning the nature and extent of the seawall
repair/replacement and associated cost determination to the Board of Commissioners.
The county will also collect the special assessments via the annual ad valorem tax
bills for all owners.
— Plan B: Form a representative committee of LaP owners to study and
determine the nature and extent of the seawall repair/replacement or a
combination thereof, privately funded. The Master Board remains the final
decision—making entity in direct fulfillment of its fiduciary
responsibilities to protect the assets of LaP owners.
If a plan can be board approved in April, an oversight engineering firm
will be retained and construction permits applied for as soon as
possible.
Please note: Non responses to this polling email request from unit owners will
be considered and tallied as deferences to the ultimate decision of the Master
Board concerning which plan, A or B will be pursued.
Please advise as to your preference by return email no later than March 1, 2014
including your name, unit number and plan preference. If plan B is your
preference, feel free to recommend a potential committee member that you believe
would be especially qualified.
Signed,
Dick Van Deelen, Pres.
La Peninsula Master Association Board of Directors
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