November 25, 2007

CPDC Response & VG East Update

After receiving the Board Advisory Groups recommendations,  Homer Tompkins, President of CPDC, responded positively and included a status update for Victor Gardens East.  The Board Advisory Group looks forward to working with CPDC, Community Development Inc, and the City of Hugo to address these and other neighborhood issues.

Mr Tompkins email is reprinted below:

“Thank you for this email explaining the efforts the advisory board is making.  I think it’s a great start.  The one comment made in Paragraph 3 about a “robust Architectural Review Committee” will be in place leads me to believe that you’re thinking the Board or the residents will in someway have something to do with the Architectural Review Committee?  The ARC Committee is a declarant responsibility and runs with the declarant until all lots are sold. Unless the residents buy all the lots, this responsibility will run with whom ever buys the lots but our protection is the Architectural Guidelines that are part of our PUD agreement with the City which requires that the declarant review all plans in accordance with these guidelines and the City can assist in making sure this happens. 


As an update, we have now presented 4 buyers to M & I to purchase the assets in VG East who understand the ARC responsibilities and HOA shortfall issues.  We have one more buyer to present then all offers will be received by the Bank on the 26th or before and the Bank hopes to make their decision on which buyer by the end of the week.   Most if not all will want us to oversee the ARC process as some investors are passive and not active developers.  M & I is comfortable with the buyers and will not consider any more offers than these 5 candidates.  Beginning shortly, M & I will post a “sheriff sale notice” of the 29 lots in VG East per the voluntary foreclosure agreement we have with them.  Don’t be alarmed by seeing this notice, it’s a requirement by law and does not effect the business decisions of those interested in buying the 29 lots.  We’re making good progress in replacing CPDC with a financially stable company to continue the vision of Victor Gardens and I will continue to keep you updated on our progress. “ - Homer Tompkins