Vail Daily letter: No answers
Eagle-Vail homeowners, before you vote yes on 5A, please consider the following:
At the Oct. 10 Q and A session at the Eagle-Vail pavilion, board members either could not answer or had difficulty providing specifics on the following questions.
1. What is the interest rate on the 30 year bond?
2. What is the estimated return on investment? (i.e. what is the projected revenue from additional rounds of golf, projected restaurant revenue, sport shop revenue, etc.)
3. Does the bond issue include money to replace/refurbish the maintenance building? Board could not initially give a definitive answer, but after 10 minutes of discussion said it did include funds. However, the maintenance building was not mentioned at all in the survey provided to homeowners.
4. The total cost of the bond issue including interest was stated to be $22.433 million which sum would be added to the existing debt of about $12 million, bringing the total indebtedness of Eagle-Vail to about $35 million over the next 30 years.
Of interest also to the voter is the revelation that the POA donated $6,000 to the bond promoting committee named Neighbors for the Future of Eagle-Vail. This committee is registered with the state of Colorado and the listed registered agent and designated agent are both currently sitting members of the Eagle-Vail combined board, making that committee a creature of the combined board.
One attendee questioned why the cost of the clubhouse was over $400 per square foot. Unspecific generalized answers were all the board could come up with.
When asked if the board had a Plan B as to where they would get funds to cover cost overruns or budget shortfalls from a decline in property values, once again, no answers.