December 11, 2007

Victor Gardens East-Update From Homer Tompkins

Today I received another update on the Victor Gardens East lots from CPDC’s President, and Victor Gardens Community Association Director, Homer Tompkins:  It’s excerpted below:

“ Mark, here’s an update for you.  All offers have been received by M & I bank and early indications are that Pete Scherer will be awarded VG East subject to M & I’s home office approval later this week.  Pete has had a long term involvement with Victor Gardens and will be a welcomed owner of the 26 lots in VG.  He is aware of the HOA shortfall issues, lien claims, mortgage debts, accounts payables and cost to complete issues with the City.  He will be meeting with various creditors after his acceptance with the home office but as of this moment we have no official approval from M & I Bank.  I’m meeting with M & I again at 2:00. “

“ As I have said frequently, the new buyer will want to meet with the HOA board to discuss shortfalls and his financial responsibility to the upkeep of his own investment in the community.  If Pete is awarded the project this is good news as he values CPDC’s architectural control and can help stabilize the HOA issues.  He should not pay all the shortfall of the HOA as others have to make contributions as well such as Len Pratt’s neighborhood, but Pete will listen and knows this is important to keep the property up. “