APPRAISAL PROCESS UPDATE
The long-awaited first meeting of our appraiser, Empire's appraiser and the Umpire took place on Friday, July 7, 2006 as planned. Based upon the discussions and the information provided at that meeting, the members of the Appraisal panel recognized that they could not conclude all of the issues involved in one meeting. As you can understand the issues are complex and involve millions of dollars which have been spent on the repair of your Condominium Property.
The Appraisal panel has set another meeting for August 25, 2006. The umpire, John Voelpel, and our appraisers agreed that they needed time to review the numbers provided by the Empire appraiser and respond.
Our attorney, Bob Freemon, has committed to keep us apprised of any developments regarding the Appraisal.
As with everything else in this long, painful, and stressful recovery from the hurricane the utmost of patience and perseverance will continue to be required until the Appraisal process is completed. In the meanwhile, your Association has been making the monthly payments to the Small Business Administration on our first loan of $1,500,000. We wish to thank all our Unit Owners for their special assessment payments which are being used to pay off our loan to the SBA. In the light of the required delay of the next Appraisal meeting, we anticipate that the third quarterly Special assessment will need to be collected for us to continue meeting our obligations for loan repayments to the SBA in the fall of this year. Please remember to send in the next $108.95 assessment payment for the SBA Loan Paydown which is due on September 1, 2006. This payment should be made out to Pelican Pointe of Sebastian II and mailed to our office at 5885 Marina Drive, Sebastian, FL 32958. Thank you!
The long-awaited first meeting of our appraiser, Empire's appraiser and the Umpire took place on Friday, July 7, 2006 as planned. Based upon the discussions and the information provided at that meeting, the members of the Appraisal panel recognized that they could not conclude all of the issues involved in one meeting. As you can understand the issues are complex and involve millions of dollars which have been spent on the repair of your Condominium Property.
The Appraisal panel has set another meeting for August 25, 2006. The umpire, John Voelpel, and our appraisers agreed that they needed time to review the numbers provided by the Empire appraiser and respond.
Our attorney, Bob Freemon, has committed to keep us apprised of any developments regarding the Appraisal.
As with everything else in this long, painful, and stressful recovery from the hurricane the utmost of patience and perseverance will continue to be required until the Appraisal process is completed. In the meanwhile, your Association has been making the monthly payments to the Small Business Administration on our first loan of $1,500,000. We wish to thank all our Unit Owners for their special assessment payments which are being used to pay off our loan to the SBA. In the light of the required delay of the next Appraisal meeting, we anticipate that the third quarterly Special assessment will need to be collected for us to continue meeting our obligations for loan repayments to the SBA in the fall of this year. Please remember to send in the next $108.95 assessment payment for the SBA Loan Paydown which is due on September 1, 2006. This payment should be made out to Pelican Pointe of Sebastian II and mailed to our office at 5885 Marina Drive, Sebastian, FL 32958. Thank you!
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