In a meeting by mail ending on July 20, the homeowners of Lochmere voted to move forward in an effort to acquire the facilities currently owned by the Lochmere Swim and Tennis Club in both Lochwood and Highlands. The properties would be acquired from the Swim Club’s lienholder, Wachovia/Wells Fargo, which has begun foreclosure proceedings, and would be added to the common property of the Lochmere Homeowner’s Association for the general use of all the members. The vote also authorized a dues increase of up to $260 per household to acquire and operate the facilities. The total vote was as follows:
Acquisition of Properties 1,169 For 437 Against
Authorization of Dues Increase 1,161 For 445 Against
While this vote provides a positive mandate to move forward, there are many important steps yet to take.
1. Wachovia must take possession of the property
2. The Association must successfully negotiate a deal with Wachovia for the purchase of the property at an affordable price
3. Financing must be obtained (pre-approval has already been obtained from several financial institutions)
4. We must close on the transaction
5. We must develop an operating structure and governance to oversee the operations and to define operating policies and procedures
Letter from our Attorneys attesting to the legitimacy of the vote and providing further details.
BELOW IS THE ARCHIVED PAGE CONTENT PRIOR TO THE VOTE ON JULY 21:
OFFICIAL INFORMATION from the Lochmere Homeowners Association Board of Directors
This information will be updated as more details become available. Please visit us again to keep informed.
The Lochmere Swim and Tennis Club facilities on Lochmere Drive and in the Lochmere Highlands subdivision will both close permanently unless two thirds of Lochmere voters vote YES in June to allow our HOA to purchase them. Watch this short video to learn why this matters to all of us, regardless of whether you currently use the facilities.
PLEASE READ THE FOLLOWING DOCUMENTS FOR MORE INFORMATION:
- Lochmere Official Voting Procedure Guidelines
- Correcting a Few Inaccuracies in the Recent “No” Leaflet
-
Frequently Asked Questions
- Facts About the June Vote
- Realtor Survey on Impact to Property Values
- Realtor Comments on Importance of Amenities
- Comparison of HOA Dues: Neighborhoods with Similar Swim and Tennis Facilities
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DOWNLOAD YOUR BALLOT TO CAST YOUR VOTE
NEWS:
CURRENT STATUS:
The Lochmere Swim and Tennis Club has announced that it will be open this summer through September 30 under an arrangement worked out with its prime creditor, Wachovia Bank. This is a temporary solution which allows for recreational activities and memberships to continue this summer, but does not solve the long term financial issues the club has faced for the last several years.
The Board of the Lochmere Homeowners Association believes that loss of this important amenity would likely have an adverse effect on Lochmere property values. That’s because most homebuyers are looking for homes in communities with swim and tennis facilities. In addition, vacant property is often an eyesore and can be a target of vandalism as well as undesirable activity.
To maintain the value of our homes and community, the Board has been pursuing purchase of the Club’s facilities.
The Board believes that a reasonable increase in homeowner dues would be a small price to pay for maintaining property values.
It should be noted that the Lochmere Swim and Tennis Club is a separate corporation with no legal or financial ties to the Lochmere Homeowners Association. The facilities would be purchased from Wachovia Bank, not from the Lochmere Swim and Tennis Club.
The final decision is in the hands of our homeowners. When a date is set for a vote, neighborhood meetings will be announced so that residents may share opinions.
ACTIONS:
The Board has been studying the complex legal and financial aspects of this acquisition. And attorneys representing Wachovia Bank, the LHOA and the LSTC have already begun discussions.
Please check the Actions page for past and future actions of the Board.
ISSUES:
There are many issues to be considered, such as the cost to homeowners of purchasing and running the facilities, legal obligations and those that might not be known at this time.
- In subsequent updates, we will continue to answer frequently asked questions.
This website is designed to provide information and a way for you to ask questions. Please send questions to email: stronger@lochmerehoa.org. Please do not send your questions to the Board members directly since we are trying to coordinate our efforts and minimize the plethora of email currently being sent.
A stronger Lochmere is in your hands.
