August 2008

Board Meeting Minutes 7.21.2008

In the Summer of 2007, Marina Limited Partnership approached GHPOA about the Clubhouse located within Admirals Bay.  The Clubhouse (pool, tennis courts, land, clubhouse building, etc.) has no legal tie with GHPOA.

The Partnership wanted to sell the Clubhouse as is because it is losing money.

GHPOA formed a Committee of Board members with business backgrounds to examine a purchase.  The Committee consisted of Bob Tollini, Terry Fulk, Tom Britt, and Ken Yale (Treasurer).  The Committee examined the books and decided we would not be interested in a purchase.  The basic reasons were that the Clubhouse appeared to be well run, it was losing money, we would have to borrow a substantial amount of money to pay for it, and the facility was not being used by a substantial area of GHPOA; that is, Beam Reach, Mastheads, Feather Coves, Diamond Pointe, and even Crossing South.  It was very likely GHPOA would have to raise the annual fee substantially for everyone to finance this endeavor.

The Board made an effort to examine this issue because it felt the Clubhouse was an asset to Geist Harbours.  The Committee arranged for another party to do due diligence on the Clubhouse and they declined to make an offer.  I talked to that party and they could not figure out how to make money either.

The Committee and the Board kept this quiet for obvious reasons.  The Clubhouse would have trouble selling season passes and wedding reservations if there was any doubt of what might happen in the future.  In fact, the Clubhouse has never officially been put for sale.

I can’t speak for  the Marina Limited Partnership.  They say, and I believe them, that their first choice is to sell the Clubhouse as an ongoing facility because it would be good for the community and easier for them.  However, they have other options.

Their other options include tearing down the facility and building homes.

This note of good news was passed along by Indianapolis City Councilor Ginny Cain from the Department of Works. Roads in Beam Reach will be resurfaced this fall before winter.

Our project costs for this year’s resurfacing program have allowed us to add additional segments to be resurfaced.  Barring unforeseen circumstances the following street segments in your district will be resurfaced before this winter.

• Mud Creek Rd. from Fall Creek Road to 86th Street
• Seabreeze Way from Skippers Way to Fathom Crest
• Skippers Way from Whitecap Way to Seabreeze Way
• Whitecap Way from Swiftsail Ln to Skippers Way

Please feel free to contact me if you have additional questions on these projects.

Respectfully,

Jeff Roeder

Council Liaison/Senior Project Manager
Department of Public Works
City of Indianapolis
jroeder@indygov.org
317-327-4683