ARPOA SPECIAL COMMUNITY MEETING
APRIL 5, 2005
A special community meeting of the Annapolis Roads Property
Association was convened on Tuesday, April 5, 2005 at the
The President called the meeting to order at 7:00 p.m. A total of 283 property tax account holders, of the total universe of 352, were present.
A motion was made by ARPOA Board member Hopkinson “that this Special Property Owners meeting be conducted as a Closed Meeting, opened only to Annapolis Roads Property Owners or holders of proxies for Annapolis Roads Property Owners, and the Board’s invited professional advisors”. Motion was seconded and approved by a voice vote. The President at this time provided an opportunity for anyone not authorized to be present to leave.
The President introduced the Board of Directors and members of the Land Preservation Committee.
The President at this time presented the agenda for the meeting which was restricted to the topic of the purchase of land referred to as Ogleton Woods. This meeting would provide the property owners the opportunity to learn about the property acquisition, the financing of the acquisition and the benefits of the acquisition. It also provided an opportunity for the property owners to present their individual questions and concerns. He noted that approval of the land purchase proposal requires an approval vote of 50% plus 1 property owner.
A motion was made by ARPOA Board member Hopkinson to “have
the meeting remain open until April 10, and to reconvene at 2:00 p.m. at
The President introduced Land Preservation Committee member Stan Samorajczyk who presented a brief history of the property, the genesis of ARPOA’s call to action and the evolution of the movement up to the current meeting.
The President introduced ARPOA legal counsel, Barbara Palmer, who briefed the community on the law suit filed on 4/12/05 against ARPOA by Ribera Development.
The President introduced Capital Campaign Committee Chair Geri Nicholson, who provided an update on the fund raising activities to date.
In the absence of the Treasurer, the President presented the financial issues of the purchase. The purchase would be accomplished through a combination of loans and contributions. The Capital Campaign has been successful in raising a substantial amount that would go towards the purchase, thereby reducing the loan amount. The balance of the loan would be financed through financial institutions as either a fixed or variable loan depending on the best terms accepted. The President noted that the Treasurer has been in contact with a number of financial institutions seeking the best terms for this purchase. Five different lending institutions have shown an interest. At the time of the meeting two institutions had submitted contracts. To demonstrate the impact of the purchase upon the Community the President presented two, “worst case” possible loan scenarios for the community to considered. One displayed a loan for $2.5 million at 3% for 25 years and one for a loan of $2.75 million at 5.5% for 25 years. The President noted that under either of these scenarios, the purchase of the Ogleton Woods, would not require an increase in the current property assessments. ARPOA’s current budget and assessment level is sufficient to carry the cost of the loan entered into. The President introduced Director Hopkinson who read for the official record the purchase proposal which had been previously provided to all property owners:
Resolved: That the Annapolis
Roads Property Owners’ Association (“ARPOA”) wishes to purchase 33 acres of undeveloped
woodlands located on Ogleton Road in
the Annapolis Roads Special Community Benefit District, which are Lots 181 and
116 of Tax Map 57-2, also known as Ogleton Woods, for a purchase price of two
million seven-hundred fifty thousand dollars ($2,750,000.00):
That
the ARPOA Board of Directors is authorized, in the name of and on behalf of
ARPOA: to settle on ARPOA’s pending
contract to purchase Ogleton Woods (under the form of contract as currently
exists or as modified with the approval of the Board of Directors): and to
enter into loan agreements, pledges, and any other instruments and documents as
the Board of Directors deems necessary or advisable for the purpose of securing
financing and concluding the purchase of Ogleton Woods by ARPOA: and to secure
the financing of the purchase price by granting security interests in ARPOA’s
real property.
The President at this time opened the floor for discussion. Ten property owners asked the following questions:
How will the taxes be paid on the 33 acres?
What was the agreed purchase price of the original contract on the 33 acres?
With respect to reforestation credits, does that mean someone else can cut down 33 acres?
Question regarding the budget, please explain the jump from the old budget of $60 thousand to the newest budget of $200,000?
How was the purchase price established and what is the appraised value of the property?
When does the contract need to be signed?
ARPOA has no formal appraisal per se but yet is going forward with the purchase?
What are our attorneys being paid?
What are the implications of buying this property with two more properties still at risk?
What banking institutions are interested?
Since no more questions were asked the discussion period was closed.
The President introduced Land Preservation Committee member Stan Samorajczyk who provided guidance on the use and application of the Special Proxy Ballot form.
Director Hopkinson moved “that the vote on the pending motion (purchase resolution) be taken by written proxy”. Motioned seconded and approved by a voice vote
Director Hopkinson moved “that the vote on the pending
motion be taken at the reconvened meeting set to take place at 2 p.m. on April
10th at St. Martin’s
Director Hopkinson moved “to adjourn the meeting until reconvened on April 10th”. Motioned seconded and approved by a voice vote.
Donald Walsh Walter Bigelow
Secretary President