| Resort Information |
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| EVEN MORE VARIETY WITH VRI*ety! Have you heard about the new exchange program offered for owners at VRI managed properties? VRI*ety is an internal exchange program that allows owners at VRI managed resorts, like us, the opportunity to make vacation choices from an expanded and growing network of affiliated destinations. The new VRI*ety program began in 2008 and provides a new spectrum of exchange opportunities for VRI owners. VRI*ety participants have no annual membership fees and pay exchange fees that are less than other exchange programs. You can find information about VRI*ety at vriresorts.com. |
Dear Lehigh Resort Club Owners;
Your Board of Directors held a regular Board Meeting on June 29, 2010 and highlights of items discussed
follow:
FINANCIALS: It was encouraging to see that operating expenses are in line with the budget and in several
areas under budget due to managements extra efforts to maximize productivity of staff and tight cost control. As
we did last year, owners and exchangers are being quartered in fewer buildings allowing us to essentially put
several buildings on standby, saving on air conditioning, hot water heating, etc. Our delinquency rate is
improving but still remains significantly high, 21% versus 15% budgeted. The downturn in the economy has hurt
all of us, some much more than others. Staff members are calling delinquent owners to help work out payment
arrangements so owners can continue to use their unit or exchange, and this is showing encouraging success.
Our goal is to help owners pay their delinquent fees without incurring additional collection company charges.
PROJECTS:
1. Railing replacement on buildings 1 and 2 will be done in the fall and this will complete the replacement on
all ten buildings. Safety concerns mandated that this work be done.
2. Work is being done on the spa and kiddie pool to bring them up to Florida code requirements within the
time frame mandated by the state. The Board also approved the inclusion of a gas heater for the kiddie pool to
take the chill off the water for the children.
3. The Board approved replacement of roofs on buildings 4, 5, 6, and 7 in 2010. Four bids were obtained
and one of the low bidders, who has done most of our previous roof work, was awarded the contract for
$88,750 plus plywood replacement costs. These roofs were judged by an outside, independent inspector as
requiring replacement this year. They are 13+ years old. It was also recommended that roofs on buildings 8, 9,
and 10 be replaced in 2011, and this will be considered for inclusion is the 2011 reserve budget at our
September meeting.
4. Discussion was held regarding placing a vacuum cleaner in each unit. This also will be considered in
September.
GOLF COURSE: The Board ratified the phone approval to accelerate owner payment of the balance of the
$400 special assessment tied to the purchase of the golf course property. The balance due for most owners is
$280 per unit/week. This has raised some concern with some members. As I stated in the last newsletter, at
the time of purchase, so as to not burden owners with one big payout, the Board approved an option to accept
payments of $40 per unit/week per year for 10 years. The bank loan calls for a balloon payment to be made at
the end of 5 years and the cash will not be available at that time under the current payment plan method. At the
time of purchase, our plan was to sell off parcels of non-golf acreage, not adjacent to the property, to make up
the difference. Now with the downturn in the economy where we paid about $40,000 per acre, that same
acreage is now selling for about $10,000 per acre if at all. Our plan to sell that extra acreage is no longer
viable. Due to these unforeseen circumstances, we all need to pay the balance of the assessment NOW. If
owners who have not paid the special assessment in full wait until 2011 to pay the balance, we will still be short
of making final payment of the loan. Your final payment NOW will actually save us all in the long run and the
debt will be paid. It is too costly to send another billing now. We hope this request is honored by all owners. If it
is not, we will bill for the balance with the 2011 maintenance billing.
Full payment of the $400 special assessment has been made on over 1,000 unit/weeks and we were able to
make a large principal payment on the loan in June. It is gratifying that so many owners are meeting their resort
obligations and continue to enjoy their resort and their exchange privileges. If you have not already done so,
please pay your balance of the special assessment so that we can reduce the amount of interest we must pay to
the bank and be done with this debt.
WAYS YOU CAN PAY:
• On Line at VRIRESORTS.COM,
• Call the RESORT at 239-368-2022,
• Mail a CHECK, made payable to LRC, to VRI, 271 Crockett Blvd., P.O. Box 540669, Merritt Island, FL
32954.
In the previous letter to owners I outlined the possible 5 options, regarding the golf course property, facing the
Board and requested owner comments. We received comments from 56 of our approximately 6,500 owners
and thank you for your input. All Board members receive and review a copy of every correspondence. Of the 56
responses, 22 felt we should close the course and just pay for mowing, and 14 opted for shutting the course
down during the off season when occupancy is very low. For instance, last week there was 30% occupancy, 7
were owners and the balance exchangers. The Board is striving to find outside course management at a cost to
us equivalent to or near the cost of mowing so the cost of maintaining the course is minimal AND owners and
guests get to continue to play golf. Two prospects have expressed interest and they are being pursued.
RESALES: Brian reported that there has been some pickup in owner interest in acquiring an additional unit,
and some interest from non owners. Since our last meeting on March 29th, he has sold 12 units. Our program to
move summer inventory with our offer to pick up closing costs will come to a close on July 31, 2010. So if you
have a desire to add a week without paying closing costs you must act now.
Our next meeting is September 20th and is our 2011 budget preparation meeting. Keep your comments
coming, we look forward to your support, and make a point to come and enjoy what the resort has to offer.
Sincerely Yours, Gene Stastny, President, on Behalf of your Board of Directors, Janet Atwater, VP, Mary Lou
Davis, VP, Brian Cronshaw, Sec., David Grist, Treas.
| Presidents Letter |
| THANKS TO OWNERS’ REQUESTS, FREE REALLY MEANS FREE! Owners asked the Board members to consider reducing or waiving the closing costs when an Association owned unit/week was “sold” for free. After lengthy consideration, the Board has approved a trial program as was requested. Call Brian at 239-369- 8597 or 800-252-5095, or email to bcronshawreb@yahoo.com to find out how someone you know can become a new owner or you can become an owner of more time FOR FREE at our magnificent resort. |
| SHARE A VACATION EXPERIENCE Many, many owners have vacationed at Lehigh Resort Club for thirty years. Some are brand new and some are in between. Every week we hear the most wonderful stories of families and friends meeting each year at the resort. Some of you have several generations of family who have shared pleasant vacation memories at Lehigh. And, probably all of you have pictures you could share. Would you please share your great vacation experiences at Lehigh Resort Club with all of us? Send a note or a picture to Dave Fanjoy at the resort for inclusion in the next newsletter. Your memory can be from a time gone by or a recent trip. We’d all love to hear about and see pictures of your good times. |
2010 Meeting Dates
• September 20, 2010 at 8:30 a.m. – Board Meeting and Budget Workshop
• November 1, 2010 at 8:30 a.m. – Board and Budget Meeting
• January 26, 2011 at 1:00 p.m. – Annual Meeting and Board Meeting
• September 20, 2010 at 8:30 a.m. – Board Meeting and Budget Workshop
• November 1, 2010 at 8:30 a.m. – Board and Budget Meeting
• January 26, 2011 at 1:00 p.m. – Annual Meeting and Board Meeting
| For those of you who are delinquent, please contact Dave Fanjoy to request a payment plan and avoid additional collection charges. lrcdrf@embarqmail.com |
| WHY DID YOU PURCHASE A UNIT/WEEK AT LEHIGH RESORT CLUB? Do you remember the thrill of purchasing your unit/week at LRC? Have you visited the resort lately? We have a wonderful resort with a great recreation program, excellent amenities, beautiful accommodations and friendly staff. WANT TO SAVE MONEY? Many owners exchange their LRC week. Why not use your unit/week(s) at LRC instead of exchanging it. Save the cost of an exchange and visit your vacation home. We truly are a first class resort! |