Here is a link to the full meeting, (thanks to Alex Peake for these recordings).
Also, here’s a link to lots of previous meeting videos made and posted by Alex.
Link to the Board package for the meeting.
We’re going to focus on a couple of parts of the meeting: comments by TMCC President Larry Marziale and MCA Treasurer Stan Miska.
The TMCC President was on the agenda for “Country Club Business Update” and that’s what he started with. He offered residents a copy of his presentation, but when a Homeowner later requested a copy the TMCC President would not provide one. (They aren’t the only homeowner to experience unmet promises for information. Footnote 1). TMCC is forecasting that its cashflow for the year will be $190,000 behind budget.
- Membership dues are $380,000 (11%) BELOW the budget that a was approved just a month ago on Jan 9!!
- Troon expenses may be reduced by $150,000 (this is still under negotiation and it is SIX MONTHS AFTER THE CLUBHOUSE CLOSED!!)
- TMCC delayed delivery of leased equipment by TWO MONTHS to defer $40,000 (when TMCC has to take actions like this they are clearly in very serious cashflow problems).
- TMCC President indicated he meets WEEKLY with staff to manage their budget and cashflow, indicating cashflow is an ongoing struggle.
The TMCC President said a check to repay the $250,000 loan is being initiated to pay the loan in full, well ahead of schedule. There is a big difference between preparing a check and handing it over, so MCA should announce when it has been successfully deposited.
And then…..the TMCC President went into a full-on 16-minute propaganda presentation that was way outside the “Business Update” item on the agenda. It was full of misleading information and nonsense, to try to prove that the MCA needs TMCC. This presentation advocating for the status quo, totally undermines the TMCC President’s earlier statements that he will act in the best interests of the community as a member of the Strategic Planning Committee. Choose your own adjective as to how offensive this was to truth and fairness to MCA Homeowners, let alone using the meeting for undue influence of the current election.
Then the MCA Treasurer spoke to the merits of the MCA selling the golf course facilities to a Golf Course Operator (GCO). Curiously, a video of this portion of the meeting was prepared by MCA staff and has been making the rounds through unofficial channels (passed on via emails and Facebook). The presentation is worth a listen. Many of the merits he speaks to are consistent with our understanding of this option, but it is also filled with puffery, exaggerations, and questionable statements (the Treasurer has a history of misleading statements to MCA Homeowners). Although he stated that things are very early stages, in his presentation he noted several things indicating discussions may be far along:
- The Treasurer said that the buyers “would pay off our debt” (UPDATE: the Treasurer was only referring to the $1 million of debt specific to the original purchase of the assets, not the other $4.7 million of our debt). That means the buyers have discussed a PURCHASE PRICE. That is usually done in a formal offer.
- Potential buyers wanted to close before June. If buyers are talking about closing dates for a transaction, especially that soon, they are not at the beginning of discussions.
- The Treasurer explained a LOT of details that would typically be in a purchase OFFER.
- Many comments sound like he is referring to one specific GCO, even though he would catch himself and deny that.
- The Treasurer concluded with his recommendation that the MCA sell the assets even though it is clear that the semi-private option hasn’t been investigated (beyond stating that the MCA Board would not be competent overseers of the operations in that model)
- The MCA President and Treasurer have a clear recent history of motions for “snap votes” and decisions: Pickleball court conversion, $250,000 loan to TMCC.
So there are many indicators that discussions to sell the assets are VERY far along. The Board could soon be asked to vote on an offer, completely (and intentionally) undermining the efforts of the new Strategic Planning Committee that the Board put in place to investigate options.
IMPORTANT TO KNOW: Any vote to sell the golf courses would require the approval of 7 (SEVEN) Directors, per this 2022 amendment to Section 29 of our Covenants and Restrictions (requires approval by not less than 3/4 of the full Board. 3/4 * 9 = 6.75 so 7 Directors must approve).
(Link to our consolidated Covenants and Restrictions)
We hope that this level of approval will avoid attempts at a snap decision, and allow the Strategic Planning Committee do its work to produce well thought out analysis and recommendations.
If you haven’t already voted, we encourage you to vote for Directors that will put the interests of ALL MCA Homeowners first.
Please share this with your friends and neighbors.
Contact us at ForTheMeadows@SarasotaMeadows.com
Footnote 1 – The MCA President has repeatedly stated that TMCC will be transparent and provide financial reports to MCA Homeowners. In comments at the beginning of the meeting a homeowner indicated that they had requested certain financial information from TMCC but has not received it because the Controller and then the President were sequentially out of town. It is not clear why those individuals are required to provide specific financial reports.
We’ve received feedback from homeowners that the TMCC President is available to talk to anyone, but will not provide any financial information. We’d be happy to hear if any residents (who aren’t TMCC members) receive any financial reports.
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