Any agreement that may be reached by the board with the Lake Elaine lake front owners (LFO’s), SunWest Bank, and the HOA’s overall financial reorganization will ultimately be proposed to the HOA as one package in the form of a bankruptcy plan of reorganization.
To get that plan approved and funded, the HOA members will need to vote to approve any special assessment or increased assessments that may be required to implement the plan. So, while the board will certainly lobby for their support, it will be the members that will get the final say and nothing will get done without their vote.
As soon as we have a proposed plan to share and permission from the bankruptcy court to start to solicit support for such a plan, we expect to hold a series of town hall meetings and public forums to share the information with the entire membership. Based on our current status, we reasonably expect that this process will proceed before the end of the year.
All members have an opportunity to seriously consider where we live, what we love about it and what could make it better. Some of you have already taken the time to contact us and we welcome your comments, suggestions, and opinions. As we continue to move forward through this process, please let us know where you stand on some of the issues we are addressing through the Chapter 11 reorganization: the reserve study, Lake Elaine, and our HOA in general. We will be providing additional information on each of those topics and others in future Things to Know messages
Each Board member has chosen to serve because we appreciate what our unique community has to offer. Many of us don’t golf or use many (or any) amenities, but we love the Country Club this unique HOA offers us. We appreciate opportunities to play pickleball or enjoy the clubhouse pool, Bear Paw or the terrific Oakmont Restaurant.
At this time, more than anything, we want to ensure that our Country Club is unencumbered by financial insecurity and other problems that have beset our association for decades.
We will keep you updated as things move forward. In the meantime, please let us know your thoughts about your Country Club. As you think about why you have a home in Continental Country Club please consider:
- What do you most enjoy/dislike about living in our CCC community?
- What amenities provide value to you and/or what amenities could we consider offering that would provide value to you?
- What would you like the HOA to look like? Is it important to you that we retain our unique combination of HOA and Country Club?
Please send your suggestions to us at board@continentalflagstaff.com.
We look forward to hearing from you!.