Free Market Classic – Play Golf and Come to Dinner Friday, Oct 9

Posted on October 3, 2015 by arrowcreek411

The Hayek Group Logo

October 2, 2015

It is Time to Change the Way the Game is played.

Dear ArrowCreek Neighbors,

How many times in our lives are we presented an opportunity to make an impact on how the game is played?

The Hayek Group, a Reno Based 501(c)(3) Economic Educational organization is posed to make a difference in lives of our Northern Nevada High School Community. This is not some large organization with a multitude of paid fundraisers asking you to help make a difference 3000 miles away. This is local and as grassroots as it gets.

Today’s Reality is the result of some solvable issues:
• Fewer than half of all high school seniors in our country and community qualify as financially literate. Without financial literacy education, they will carry this lack of knowledge into adulthood.

• The existing school curriculum consists of three weeks of simple instruction during the High School Senior year.

• More than 7 million student loan borrowers are in default. Many more will never get out of debt in their lifetimes.

• Young people are facing tremendous financial challenges with out the knowledge needed to thrive in today’s economy.

The Solution is available and we in the local community can be part of that solution. Dave Ramsey’s Foundations in Personal Finance is the premier curriculum for teaching financial literacy. The curriculum is easy to use and completely turnkey. The 12-chapter curriculum is taught on DVD by a nationally known team of experts. This is a semester-long course that meets all state and national standards for personal finance/financial literacy. It has more than 100 activities that focus on providing 21st century personal finance knowledge and skills in a student-centered, competency-based approach to learning.

The Hayek Group is committed to working with the Ramsey Foundation to deliver this solution to Northern Nevada High Schools. But they can’t do it alone. They need your help. This year’s goal is to deliver the package to all Washoe County High Schools. The potential is that 1,400 students in the next year will have a life changing experience. There are many ways you can help.

Small & Medium Business Owners
If you are a small or medium business owner, we are making it possible for you to have a direct impact on your local community. By becoming a Hayek Educational Ambassador you will fund an entire High School for two full semesters (80 Students). The cost is just $2,500.00. We already have three local Ambassadors in this important contribution segment. The Hayek Group will work with the Ramsey foundation to take care of the details and deliver the package.

Please go now to www.hayekgroup.org and take the first step or contact me at tim.duvall@gmail for further information.

Large Companies
This is a unique opportunity designed just for you. Become a Silver State Ambassador. Your endorsement of the program will help us spread the program beyond Washoe County to the 40 remaining Northern Nevada High Schools. The cost is open. Just match a stated number of Small and Medium contributions. We will do the rest of the work.
Please go now to www.hayekgroup.org and take the first step or contact me at tim.duvall@gmail for further information.

Individual / Family Contributors
Every contribution helps. Just twenty-five parents and grandparents donating $100.00 each can change the lives of 80 students a year. Want to make a difference in your community. It can be accomplished by becoming an Associate Educational Sponsor. No donation is too small. Become part of the solution for Northern Nevada.
Please go now to www.hayekgroup.org to make a donation.

Play Golf and Come to Dinner
The Free Market Classic at the Club at ArrowCreek and Benefit Dinner is Friday October 9, 2015. Be part of the inaugural event that’s sure to become a regional favorite! Golf registration opens at 9AM with a shotgun start at 11AM. If you do not golf, dinner activities including a silent auction and exiciting live auction begin at 5PM. All proceeds to benefit the Hayek Education Initiative. As a special incentive, “The Club at ArrowCreek” will join other Northern Nevada Businesses as an Educational Ambassador when just 50 of its current members sign up for this event.

Please go now to http://www.hayekgroup.org to sign up for Golf or just the Dinner.

Some Play the Game; Others Change the Way the Game is played. Join me changing how the game is being played.

Tim Duvall, President
Neo Medical Inc.
Sparks, NV
“A Hayek Educational Ambassador”

Posted in Free Market Classic, Teenage Finance Literacy, Teenage Financial Literacy, The Club at ArrowCreek, The Hayek Group | Tagged , , , , | Leave a comment

Arrow Creek Golf Course What Next?

Posted on October 1, 2015 by arrowcreek411

Another turn of the head. Say what? Interesting comments after the article, as well…

Source: Arrow Creek Golf Course What Next?

Posted in ArrowCreek, ArrowCreek411, Somersett United | Tagged , , , | Leave a comment

Do You Have Investment $$ & A Yes Vote?

Posted on October 1, 2015 by arrowcreek411

Are you looking for an investment opportunity? Are you a Yes vote?

Then, Click Here!

FOA2

Posted in ArrowCreek, ArrowCreek411, FOA, FOA Letter, Friends of ArrowCreek, Opportunity to Invest | Tagged , , , , , , | 2 Comments

Reminder: ArrowCreek HOA Board Bid Opening Meeting October 6, 2015

Posted on October 1, 2015 by arrowcreek411

remember

Reminder: ArrowCreek HOA Board Meeting – Tuesday, October 6, 2015

The AC HOA Board will open bids for Pool/Spa maintenance and Street Sweeping on October 6, 2015 commencing at 5:00 pm. Meeting to take place at The AC Resident Center.

In addition, the Administration Committee (which has worked on the RFPs to procure the above bids) has also asked the HOA Board to allow time for presentations by the two HOA Management Company finalists. Each Management company will make a 10 minute presentation, followed by a question and answer session between the Management company representatives and Board members.

Residents of ArrowCreek are strongly encouraged to bring your written questions for these 2 companies to the meeting and submit the questions to the Board. A Board member will then ask the questions of the Management company representatives, on behalf of our residents.

At this time it is unclear whether the Management Company representatives will be allowed to remain at the meeting for the Open Comments portion at the end of the other agenda items.
Therefore, we encourage anyone wishing to ask a question to prepare it beforehand.

Questions the Administration Committee has asked the Management Companies to address are now posted on the AC Website.

We invite anyone interested in learning more about the management process in our community to attend this important Board meeting.

The Administration Committee will be meeting at 2:30 pm at the AC Maintenance Building on October 8, 2015, to review the RFP’s that were submitted to the Board and to discuss the HOA Management Company presentations.

The AC Board will be meeting on November 3, 2015, at 5:30 pm, to award the bids.

Posted in ACHOA, ACHOA Bid Opening, ACHOA BOD, ArrowCreek, ArrowCreek411 | Tagged , , , , , , , , | 1 Comment

Majority Defined

Posted on September 29, 2015 by arrowcreek411

There have been heated discussions about the definition of “majority.”

CCR1stAmend

The CC&Rs’ first amendment changed the wording of Article XIII Section 4 (on page 41 of the current CC&R document [which is pdf page 47]) to the above words (which start on line 18 of the pdf page 51 of the current CC&R document).

The majority of lot owners and equivalent lot owners = not less than 547 votes.
1086 lots + 6 equivalent [golf club] lots = 1092 / 2 (i.e. 50%) = 546 +1 = 547 votes

Posted in ACHOA, ACHOA CCRs, ACHOA Governing Documents, ArrowCreek, ArrowCreek411 | Tagged , , | 4 Comments

BK Purchase Facts

Posted on September 28, 2015 by arrowcreek411

Based on bankruptcy documents, the calculation of the total value of the debt assumed and cash paid by the FOA to acquire the golf course assets was $1,972,398.

First is a bidding document filed by the FOA stating that bidders must agree to pay $1,892,398 based on a schedule (Exhibit 1 for the bidding document), which contains a list of the claims against the bankruptcy estate (e.g. debts) – highlighted in yellow. Included in the schedule is $160,000 in administrative expenses and unsecured creditors. Bidders would overbid above the $160K in $20K increments. The FOA outbid the former golf course owner at $240,000, or $80,000 above the opening bid, as reflected in the Transcript, and then in Findings of Fact Confirming Plan by the Court. Thus, the value of the total bid by the FOA was $1,972,398.

The facts can be summarized as follows:
1. FOA bought all the assets out of bankruptcy for $1,972,398
2. FOA wants the HOA to purchase land upon which the 36 holes sit for $3.3 million.
3. The HOA has not and will not get an appraisal of the fair market value of this land because the golf course is losing money.

Question:
Why should the FOA profit $1.4 million for the sale of only part of the assets it acquired?

Posted in ArrowCreek, ArrowCreek411, FOA, Friends of ArrowCreek, Golf Course Foreclosure, Golf Course Purchase | Tagged , , , , , , | 3 Comments

Facts from Courthouse Documents

Posted on September 27, 2015 by arrowcreek411

I am just an Arrowcreek neighbor, not a FOA member, nor HOA board member. I am not a lawyer and I do not have a business degree. I am not a member of the Club at Arrowcreek. Please read the following facts at your own discretion.

Based on bankruptcy court documents from September and October of 2014, all public record, the FOA did purchase the Arrowcreek Country Club (now known as The Club at Arrowcreek) for $1.972M.

On 9/17/15, the FOA submitted to the Bankruptcy Court a request to approve a settlement agreement between the Washoe County and the FOA, that would reduce the Washoe County debt by about $218K, resulting in a total of about $1.2M debt owed by the FOA. The FOA has already made payments. If the settlement is approved at the hearing scheduled on November 5th, 2015, the FOA would pay the remaining balance of currently $652K in cash within 60 days. [60 Days? Where else have I recently heard 60 days??]

If this settlement with Washoe County is approved, the net purchase price for the golf club that the FOA actually paid is about $1.75M. (S1.972M purchase price minus $218K debt reduction).

The purchase price for 36 holes of the golf course property, without the club house, pump house and about 50 acres, as proposed by the FOA/HOA BOD is $3.3M.

The difference between FOA purchase price for the entire golf club property and assets ($1.75M) and the proposed HOA purchase price ($3.3M) for part of the assets (36 holes) is $1.55 M.

Does this look like the HOA board fulfilled its fiduciary duty and due diligence: to negotiate the lowest possible price for the HOA?

Is the S3.3M proposed purchase price based on or contingent on the most basic and customary steps of due diligence when buying real estate, such as:

an independent appraisal, data on what would be a fair market price,

on an inspection of the property and associated infrastructure: what is the condition/ life expectancy of the irrigation system and turf?

on the results of a complete Environmental Survey Report (ESR)?

Is the $1.55 M: profit for the FOA? That would be against our Articles of Incorporation.

Is the $1.55 M: an attempt to recover losses? Then we would make a poor business decision in buying the 36 holes of golf course.

Is the $1.5 M: a return on investments made? Is it a fair rate of return?

We are to vote within 60 days from the Special HOA meeting on 9/16/15 on the purchase proposal for the golf course property. That gives us a deadline of November 15th, 2015.

By Donna Hahn

Posted in ArrowCreek, ArrowCreek HOA, ArrowCreek411, Bail Out Golf Course, Belief, Belief Systems, FOA, Friends of ArrowCreek, Golf at ArrowCreek, Golf Course Foreclosure, Golf Course Purchase, HOA, HOA BOD, The Club at ArrowCreek | Tagged , , , , , , , , , , , | 4 Comments

September 17, 2015 efile of

Posted on September 27, 2015 by arrowcreek411

Efile: September 17, 2015 255 Mot to Approve Compromise w County092415

UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEVADA

IN RE:
ASPEN SIERRA LEASING COMPANY,
Debtor.

Case No. BK-N-14-50087-btb
Chapter 11
MOTION TO APPROVE COMPROMISE
Date: November 5, 2015
Time: 10:00 a.m.
Interested Party, Friends of Arrowcreek, LLC (“FOA”) hereby moves the Court, pursuant
to LR 9014.1, LR 9019, and Fed. R. Bankr. P. 9019 for an order approving a settlement between FOA and Washoe County. The settlement does not affect payments to the Debtor or to Creditors.
However, the Court retained jurisdiction over payments to be made pursuant to the approved plan of reorganization.
1. The Court conducted a hearing on the sale of the Debtor’s assets to FOA, on
September 24, 2014. Attached hereto as Exhibit “1” is a true and correct copy of the portion of the transcript from the hearing that pertains to Washoe County’s acceptance of the plan.
(Transcript, pp. 7-9.) Washoe County and the FOA agreed to negotiate the payments claimed by
Washoe County, outside the bankruptcy process, to enable the sale to close.

Read more by clicking on the link above.

Posted in ArrowCreek, ArrowCreek411, Bail Out Golf Course, FOA, Friends of ArrowCreek, Golf Course Foreclosure, Golf Course Purchase | Tagged , , , , , , , | Leave a comment

Beware the Lollipop of Mediocrity…

Posted on September 26, 2015 by arrowcreek411

20150926_122348…lick it once and you will suck forever. (Brian Wilson)

DON’T BE A SUCKER!!!!! The homeowners are under NO OBLIGATION, legal OR moral, to bail out our “friends.” They made the decision to go behind our backs with the board and buy the golf course from the bankruptcy court. No one asked them to do so, nor were we asked for our opinion on them doing so!

Do you:

1) feel like exposing yourself to more of this BS?

2) want to essentially become a landlord with people you don’t and cannot trust who have a business likely to ultimately fail?

3) continue to have your peace of mind compromised like it has been FOR THE PAST YEAR?!!!

Let them run their business into the ground or otherwise. We can meet them at the bankruptcy court when they file and buy the land for pennies on the dollar.

Don’t be a sucker! You’ve worked too hard for your money to hand it over to these people so they can laugh all the way to the bank!!!!!

By Patricia Raysik

Posted in ArrowCreek, ArrowCreek HOA, ArrowCreek411, FOA, Friends of ArrowCreek | Tagged , , , , , , , , , | 5 Comments

For ArrowCreek Residents: — READ — Moss Creek Hilton Head Example

Posted on September 26, 2015 by arrowcreek411

34.9% Vs. 0

Moss Creek is a residential community in Hilton Head, SC. In 2007, at the urging of its resident golfers, the HOA Board proposed to its members a single fee that would be paid by all property owners. The single fee would give all members unlimited access to all amenities: (greens fees at the two 18 holes golf courses, tennis and boat slips)

The issue, thinly veiled, was GOLF. The GOLFERS wanted, in essence, to spread their GOLF fees over the general membership, the majority of who were either non-golfers or occasional players. Community bylaws required a super majority (2/3 of the votes cast) in order to carry. A concerned group of owners led a community campaign in opposition to the measure and the measure did not achieve the super majority.

A short time later, the HOA Board, again at the urging of the GOLFERS acted within their bylaw authority and established an annual access fee option for the amenities of $1,000.

In the years since 2007, a period of very little inflation, annual HOA membership fees have risen to $4,980 annually. This is a 34.9% increase. The amenity access fee has not increased a dime. 34.9% to the general membership, 0 to the GOLF community.

-16.7%, -157.5, -400,000

There is no question that golf popularity in the United States is on the decline. Golf simply is not relevant to Millennials. Reputable sources such as CBS, and Forbes Magazine, report that the number of US golfers dropped 16.7% from 2005 through 2013. In 2013 the number of active US golf courses dropped by 157.5 courses. It was the eighth consecutive year of decreases. An estimated 23 million golfers today is down from 30 million in 2000. In 2013, 400,000 less Americans played a round of golf. In 2014, the 451 million rounds of golf played in the U.S. brought it back to the 1990 level.

15.1% ….unknown…. and unlimited

Our HOA board is putting in front of us a proposal. It will increase our dues by 15.1%; increase our Fire Mitigation cost by an unknown amount; increase our requirement to fund reserves by an unknown amount; increase our financial liability should the land become contaminated; and increase our fees by an estimated $46 to $59 per month should The Club close 9 or 18 holes.

The Moss Creek experience and poor demographic trends facing golf raise several questions about the future. The declining number of golfers and rounds played suggest that the cost per round is on the rise and will continue. How likely is it that our HOA fees will need to rise like Moss Creek’s over future years? The facts are compelling, and the willingness of this HOA Board to burden all owners in order to bailout, subsidize, a privately owned club used by a minority of residents strongly predicts that our HOA dues will be going up in the future to absorb the highly predictable operating losses, and greens, tee boxes and irrigation system replacement at The Club.

WE WON’T BE GIVEN AN OPPORTUNITY TO OPT OUT IN FUTURE YEARS.

THE TIME TO ACT IS NOW.

DEFEAT THIS PROPOSAL.

Posted in ACHOA, ACHOA BOD, ArrowCreek, ArrowCreek HOA, ArrowCreek411, FOA, Friends of ArrowCreek, Golf, Golf at ArrowCreek, Golf Course Closure, Golf Developments, HOA, HOA BOD, Honesty | Tagged , , , , , , , , , , , | 1 Comment