July 25, 2016
Dear Fairfield Harbour Property Owner,
We wanted to let you know that the special meeting originally scheduled for this Wednesday, July 27th, will be postponed until August 17th. As we informed the membership at our series of information sessions, the POA was actively involved in discussions with one lender to finance the purchase of the Amenity Property from MidSouth. Ultimately, that particular lender has declined the loan based on the POA being unable to pledge dues as collateral for the loan (restriction imposed by 2012 Court of Appeals decision in FHPOA v. Drez). The POA is currently negotiating with other lenders and sources of funding, and the Board will not ask you to vote on the plan to spend $2.75 Million without first knowing the terms and how loan repayment fits in the 5-year budget projections.
This delay will give the POA and its counsel time to work through what we hope will be the same favorable terms for a loan that we had previously forecast. Our legal counsel has secured the necessary extension of time from counsel for MidSouth and the bankruptcy court to work through the financing details to effectuate the agreed settlement. So, there will be no vote this week on July 27th. You are welcome to come to the meeting, but all that will happen this Wednesday is a motion to adjourn until August 17th and the meeting will be closed – a matter of 5 minutes at the most.
NOTICE OF POSTPONEMENT OF SPECIAL MEETING
Fairfield Harbour Property Owners Association, Inc.
Wednesday, August 17, 2016 at 7:00 PM
Fairfield Harbour Community Center, 585 Broad Creek Road, New Bern, NC 28560
The POA Board would like to take this opportunity to thank the membership for its attention and positive participation in the recent information sessions. We look forward to continuing to work together to resolve this most important issue for our community.
Respectfully,
Ann Simpson, Board President