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Lake Doster Lake Association. Membership Meeting January 17 / 19, 2006. Lake Doster Lake Association - Membership Meeting. Agenda Due Diligence Process Status Ray Dertz, LDLA Member At Large Jack Kellogg, LDLA Treasurer Transition Documents Dave DeYoung, LDLA Vice President - PowerPoint PPT Presentation
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AgendaDue Diligence Process Status
~ Ray Dertz, LDLA Member At Large~ Jack Kellogg, LDLA Treasurer
Transition Documents~ Dave DeYoung, LDLA Vice President
Closure and Next Steps~ Dave DeYoung, LDLA Vice President
Open Forum~ LDLA Provisional Board & Eligible Member
Attendees
Due Diligence Process Status
Property Survey Dam Inspection Spillway Title Searches Legal Reviews & Committee Inputs Conclusion & Determination to
ProceedFinance Update
Due Diligence Process Status (cont.)
Property Survey Sale Properties include –
Lake Bottom 10 foot Land Barrier Surrounding the Lake The Main Beach Access Parks – A through E, Parkway, and
“Outlot” Private Roads Boat Launch
Current Rights Generally Deeded Ingress and Egress
Current Use Allowed Use of Revocable Permission
Due Diligence Process Status (cont.)
Dam Inspection Inspection is Complete Confirms the Dam’s integrity
**As a normal maintenance item, cleanup
steps are required for the dry side of the dam.
Due Diligence Process Status (cont.)
Spillway Inspection is Complete Function is Deemed Sound
**As a precautionary safeguard, consultants recommended installation of a valve on the front end of the spillway pipe for ensured future integrity.
Due Diligence Process Status (cont.)
Title Searches Complete for LDDC Property offered for
sale Complete for Lake Doster Access Holders
Identified all properties with ingress & egress rights
All Deeded Lake Doster access holders are offered the rights and benefits of membership.
Due Diligence Process Status (cont.)
Legal Reviews & Committee Inputs Retained a legal firm to review, advise, and
draft necessary documentation Committees and Advisory Committees
researched data and offered input
**Some items need to be addressed; however, our legal counsel advises that no major issues prevent property transfer.
Due Diligence Process Status (cont.)
Finance Update Initial Funding Request Fund Participation Expenditures Current Budget Status
Due Diligence Process Status (cont.) Finance Update – Fund Participation
Payment Amount
Number of Parcel Owners
Percent of Parcel
OwnersFunds
Received
Withheld Funds
Sponsors $350 176 67.7% $ 61,600 $ -
Contributors Partial 27 10.4% $ 7,400 $ 2,050
Noncontributing $0 57 21.9% $ - $ 19,950
Total Targeted LDLA Members 260 100.0% $ 69,000 $ 22,000
Other support funds received $ 2,833 $ -
Total Funds $ 71,833 $ 22,000
Lake Doster Access Holder's Support
17668%
2710%
5722%
Sponsors $350 Contributors Partial Noncontributing $0
Due Diligence Process Status (cont.) Finance Update - Fund Participation
Due Diligence Process Status (cont.) Finance Update - Expenditures
LDLA Expenditures by Category
Initial Support Funding $ 71,833
Expenditures
Legal $ 35,606
Survey $ 15,000
Dam and Spill Way Inspections $ 4,956
Title Searches $ 5,280
LDDC Deposit $ 1,000
Administrative (Printing/Postage) $ 1,521
Total Expenditures $ 63,363
Fund Balance ** $ 8,470 ** Additional incurred and expected cost through Lake Acquisition and Membership Drive
include legal, document recording fees, administrative, and other necessary costs.
Due Diligence Process Status (cont.)
Finance Update - Current Budget Status
Funds will be required soon to complete necessary tasks
** Payment of full initial contribution is encouraged**Contributions to date will apply to $350 Membership
Fee
2006 Annual Dues are set at $350 per Membership Membership participation (revenue) is unknown. Some Annual Dues may be used for remaining
transition expenses Future revenue will determine annual budget
A Two Year Budget Plan is underway (Through 2007)
Transition DocumentsArticles of IncorporationMembership Rights and PrivilegesMembership BylawsApplication For Membership and
Statement of Declarations
Transition Documents (cont.)
Articles of Incorporation• Establishes a non-profit corporation• Holds the Property Assets for its Members• Provides authority to a Board of Directors for the
rights, powers, duties, and responsibilities relative to the management and control of the Associations property, activities and affaires in the best interests of the Association’s members.
• Provisional Board Members may be replaced by a newly elected Board at its first annual meeting by a vote of the Association Members.
Transition Documents (cont.)Membership Rights and Privileges
Converts many previous USES into Irrevocable RIGHTS Rights “run with the land” to enhance property values Provides voting right for:
Board Member Elections Policies and Procedures Lake Maintenance and Improvements Building Control Committee issues
Allows for shared lake and common area maintenance costs Establishes a venue to voice interests and concerns Common ownership and control of the lake and Association
property with other Members A vote in lake quality improvements, therefore, personal
property value enhancement Use of Boat Ramp, Main Beach, Assigned Access Parks, and
Water
Transition Documents (cont.)
Membership Bylaws • A filed legal document• Documents the procedures and rights of
Association Board, Officers, and Members.• Provides for common understanding for all
Members
Transition Documents (cont.)
Application For Membership and Statement of Declarations• Must be signed to be an LDLA Member• Signing is agreement to –
– Be an ongoing LDLA Member– Pay duly authorized Annual and Special Assessments– Acceptance of the Bylaws
• Is a recorded document where Membership “runs with the land” for secure property value
Closure and Next Steps
Property Acquisition Closure – Transfer from LDDC to LDLA
Membership DriveMembership Document Execution and
FilingsLDLA Board Recruitment and Membership
VoteFuture Meetings
Closure and Next Steps (cont.)
Property Acquisition Closure
• Request a 6 Month Extension (From February 15)• Secure LDLA Liability Insurance• Board Vote Adopting LDLA Member Bylaws• Purchase Association Properties
**Intense effort is being made to close by March 31, 2006.
Closure and Next Steps (cont.)
Membership Drive Seek contact information for all eligible Members Hold Informational Meetings Answer questions as they arise Provide initially available documents and policies
(via web site or email to minimize costs) Encourage all to prepare for Membership decision Compile and print customized documents for Member
signature
Closure and Next Steps (cont.)
Membership Document Execution and Filings Accept Member Declarations Immediately
following closing Set dates for other Member’s Declaration signings Provide for ease of finalizing – Meeting with
notary present File signed documents with Allegan &/or Barry
County Register of Deeds Set a 60 day period after closing for Membership
drive to end Any eligible parties after that date will be
assessed an additional joining fee
Closure and Next Steps (cont.)
LDLA Board Recruitment and Membership Vote Notice Members that a Board election will occur at
the annual meeting on May 15th
Seek out nominations and volunteers Prepare listing of LDLA Members in accordance
with Bylaws voting rights Implement procedures for proper vote
Closure and Next Steps (cont.)
Future Meetings TBD depending on closure timing
Open Forum
Questions?