Vail Daily letter: Eagle-Vail spending has gone amok
Vail, CO Colorado
Attending the combined board meeting of the Eagle-Vail Property Owners Association and the Eagle-Vail Metro District last Thursday was extraordinary.
After the meeting was called to order at 4:30 p.m. by the chairwoman and introductions were made, she opened the formal meeting suggesting the first order of business should be to discuss the proposed purchase of additional office space for $900,000.
Before she could go any further, she was interrupted by the accountant, who advised her that the Eagle-Vail Metro District had gone ahead with the purchase the day before.
That the board chairwoman was unaware of the action was extraordinary in and of itself. But even more shocking was this million dollar-plus financing was never brought to the attention of community property owners who will have to pay off the debt!
Who had the authority to obligate property owners to this staggering debt, especially without a formal approval of the joint board and without considering the availability of adequate, if not exactly executive-level, space within already owned and underutilized buildings?
This action should raise concerns about the earlier massive financing deal entered into a few months ago without any property-owner notice, involvement or approval – financing of a new, $3.5 million pool and other assorted upgrades with a $7 million loan and a $14 million total payback by the property owners.
To proceed with spending on either of these initiatives should be halted immediately until the property owners review and approve the plans and details at a properly advertised and scheduled meeting with adequate prior notification.
Paling in size, but indicative of what seems to be a pervasive sense of arrogance on the part of community “leaders,” was the announcement by the president of the Eagle-Vail Property Owners Association that he was increasing community dues by $440,000 next year without property-owner approval, this following his decision to collect this year’s annual dues two months earlier than they should have been due.
Eagle-Vail property owners do have rights, and spending by the Eagle-Vail Property Owners Association and the Eagle-Vail Metro District must be brought back under control, whether by demanding responsible leadership or considering recall options.
R. Bruce Beckwith, Eagle-Vail