This community dates back to 1975 and has continued to develop over the years. We do not currently expect the LFOs to elect Option A. Unfortunately, this was the only possible conclusion, and once decided, needed to be acted upon quickly. By 2026, the annual dues increase will be $189. Continental Country Club's HOA files for Chapter 11 bankruptcy Adrian Skabelund Feb 17, 2021 Updated Mar 24, 2021 0 Cracked limestone makes up the karst geologic formation beneath a worn-out. There is a one-time special assessment of $2,000. The Course is open to homeowners and timeshare owners residing within subdivisions of Continental Country Club's Homeowners Association. At the beginning of the Chapter 11 process, we explained that values may be negatively affected. If we dont reach quorum on special assessment, then we can go out a second time on special assessment but must have 30% quorum (participation) that round and of that, 2/3 must vote Yes. How do timeshares fit into the funding picture? That resulted in two levels. The timing will depend on whether or not our members approve the two fees necessary to support the reorganization plan and the legal processes that will ultimately approve our reorganization plan. Round Table Discussions will be held on every, We will also be having Town Hall Meetings for everyone who is interested in attending. 2011 Sunwest loan with Oct. 2021 balloon payment due, Deferred and anticipated club amenity maintenance, Decades-long Lake Elaine lawsuit with potential daily fines of up to $700 per day and restoration of a full lake. You can cancel at any time. It bolstered the property values of homes located on the waterfront and was a gorgeous sight to see. In a media release, the HOA board seemed to attribute most of their problems to recent legal action over Lake Elaine, a man-made lake within the country club that has been the center of controversy for years. Reach him at sgolightly@azdailysun.com, on Twitter at @sean_golightly, or on Instagram at @golightly_writes. Continental Country Club HOA is a community located in Flagstaff, AZ (Coconino County). Still, Chapter 7 and the liquidation of assets that would follow are by no means in Continentals interests. Much of these claims of mismanagement are founded on an October 2020 Reserve Study of Continentals reserve fund to evaluate how it would maintain reserves above an adequate, not excessive threshold during one or more years of significant expenditures.. At the time, it was an asset to the HOA. Our members will be voting to approve this fee which will be necessary for the reorganization plan to move forward. These homeowners - the "Class" - believe that the Association has options to address its financial challenges. For the good of our residents and those who enjoy our facilities, it was time to take action.. Were voting for a smaller cost now ($2,000 to cover the $2.5M), to protect ourselves from possible larger costs later, unending litigation and the $15 million claim of the LFOs that could not be addressed any other way outside of bankruptcy, to protect our amenities and eradicate Lake Elaine issues. The fee had been set to begin at the start of February, but due to the bankruptcy, it has been put on hold. application fee details: $55 app fee online at our website bishoprealtygrp. Why are there currently some members paying different assessment rates? In a Chapter 7 does the trustee manage the HOA? (link to message). Join Us Today learn more on our membership page, Outing services feature green fees with cart, personalized cart signs, local rules sheet and much more. Other areas of compromise included an offer to push out the full Lake Elaine repair as long as 10 years, providing additional running room to plan and capitalize for a proper longer-term repair. Our members will be voting to approve this fee which will be necessary for the reorganization plan to move forward. President - The president of the Board presides at all meetings of the Board of Directors. We are located on St Rte 44 just 2.5 miles east of Brownwood, CLICK IMAGE TO REGISTER FOR IMPORTANT EMAILS WITH IMPORTANT INFORMATION, KINDLE AND ANDROID USERS: CLICK HERE TO DOWNLOAD OUR APP, Resident, Dan Kane compiled an informative list of links to the areaclick below:CCC HELPFUL LINKS, 50 Continental Blvd., Highway 44 East, Wildwood, Florida 34785. It is disingenuous for any group to shift the blame to the reserve study, and then not vote to fund the maintenance and improvements identified in the study.. For more information contact Continental Country Club Guest Services at . If it is to be divested, it must be accepted by a third party. A future owner of your home may find golf or the other amenities appealing. The benefits are endless and your experiences will last a lifetime. The Lakeside homeowners want Continental to thrive as a strong community and healthy Association. Continental Country Clubs HOA files for Chapter 11 bankruptcy. We will keep our facilities open and our employees will be working to ensure business as usual. What is the difference between Chapter 11 Reorganization and Bankruptcy? One thing to remember, you will be required to pay additional Home Owner . Can we just abandon the property? One that was, you know, competent., Financial mismanagement reaches further back than the 2020 study, said resident John Nilsson. Log in, Continental Country Club HOA in Chula Vista, CA, Terraza at Otay Ranch Village HOA in Chula Vista, CA, Chula Vista Bayfront HOA in Chula Vista, CA. But for Continental to do any of this, theyll need money, and they dont deny that they need money for more than just Lake Elaine. Here, golfers find a quiet and peaceful round of golf at what feels like a destination club. (renews at {{format_dollars}}{{start_price}}{{format_cents}}/month + tax). You have permission to edit this article. Log in, Continental Country Club HOA in Flagstaff, AZ, Forest Highlands Golf Club HOA in Flagstaff, AZ, Railroad Springs Townhomes HOA in Flagstaff, AZ. No true repairs have been made to the Lake since 1994. Buying a new home in the Continental area? https://continentalflagstaff.com/fee-schedule-to-support-the-reorganization-plan/. You can cancel at any time. Log in, Continental Country Club HOA Chula Vista, CA, Alicante at San Miguel Ranch HOA Chula Vista, CA. The reorganization plan imposes an increase to our annual assessment that will be phased in over three years beginning in 2024. Are you looking for a great 55+ retirement community? In their statement, they note that lakefront homeowners have been very willing to work with [Continental] to negotiate a creative solution that would allow for repair of the lake as part of a holistic approach to address [Continentals] broad financial challenges., In their opinion, Continental has refused to meet them halfway and has tried to use the bankruptcy process to block enforcement of the 1990 Settlement Judgment and the 2020 contempt ruling., Lakeside Homeowners attempted to negotiate flexible options allowing for repair of the lake over time, the Legionnaire statement reads. Its those reasons why the Club went into Chapter 11 bankruptcy in February of 2021. Can a trustee remove the restrictions on the use of the golf course to sell it for maximum value? If you choose to deed restrict with CCC HOA, the Annual Dues for the current year will be waived! We also have aging facilities that require upkeep with an insignificant amount of reserves. In 1988, a group of lakeside homeowners filed a class action lawsuit against the HOA that mandated that the HOA should keep the lake full, but so far, no significant repairs to stop seepage have moved forward. View Properties for Sale at Continental Country Club located in Wildwood, FL. An HOA faces bankruptcy because of its man-made lake. If the plan is approved, Murray says there are two options that can be done with the land. Continental Golf Course Is CLOSED for the Season! Number of Units: 973 Offices of the Board of Directors and their Duties The officers of the board of directors are generally president, vice-president, secretary, treasurer and member at large. And its free! Background: How did we get in this situation regarding Lake Elaine and the Bankruptcy? In a statement to the Arizona Daily Sun, Continental attorney Scott Cohen said, While Continental certainly has obligations other than the Lakefront Group, such as addressing its appropriate capital reserves to ensure proper maintenance of its amenities and common areas, this was not the primary cause for the bankruptcy filing.. A draft reserve study has been received and is under review that shows that millions of dollars are needed over the next 10 years and through 2050. Flagstaff City Championship Flyer Why am I paying for amenities I dont use? There are no positives., Dissatisfied as the Legionnaires might be about the current state of Lake Elaine and Continentals proposed solutions, A successful vote is actually in everyones best interest, said Legionnaire and lakefront resident Tim Harrington in an email to the Arizona Daily Sun. How will this affect the value of my home? Elden Thursday, Jeronimo Vasquez Named District 2 Supervisor, Grand Falls Closed To Visitors Until Further Notice, Over 30-Inches Of Snow Fell Near Downtown Flagstaff And Kachina Village From The Latest Storm, Arizona State Forestry Allocates $27-Million To Flagstaff And Coconino County, Flagstaff Beats Pueblo To Win The 4A Girls State Basketball Title, School Closings And Delays, Along With Other Weather-Related Matters For Thursday In Northern Arizona, NAU, FUSD Closed As A Major Winter Storm Leaves Feet Of Snow Behind, Missing Man, Who Was Last Believed To Be In Williams, Has Been Found Safe, ADOT Holding A Public, In-Person Meeting In Flagstaff Next Wednesday, Winter Storm Warning Extended To 11 A.M. Thursday For Flagstaff And Surrounding Areas, Copyright 2023 Great Circle Media | All Rights Reserved | Privacy Policy. It is not clear how the bankruptcy might impact the Lake Elaine issue, but Bliss said it could lead to a situation where the HOA is able to eliminate the lake but pay the surrounding homeowners for the reduced value of their homes. Continental Country Club Who are the members of CCC? continental country club hoa fees. Please subscribe to keep reading. The lake level has been falling because water is seeping out despite previous attempts to seal the lake bottom. We pay a special assessment one-time fee of $2,000 and assuming success in the bankruptcy court, we are DONE with Lake Elaine issue forever! There are condominiums, big and small, that you can purchase in the $180,000 - $300,000 price range. Membership in Continental is a result of home ownership. This would include 4-5 ponds, walking trails, benches, limited parking and would be open to, With either option, and assuming successful confirmation of our reorganization plan by the bankruptcy court, we have no ongoing legal obligation to continue any litigation from lakefront homeowners. When will we know about the timing and amount of any assessments that will be needed? View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Starting in 2024, associate members would owe an additional $63 for 2024, 2025, and 2026. What happens if we vote NO (DO NOT APPROVE) or dont meet the quorum requirement after two tries?
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