PelicanNews
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PelicanNews
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| ATTN: Pelican Resort Members We are pleased to announce the ocean front development phase has finally begun. This phase is an integral part of the Pelican Resort Master Development Plan (going back to previous developer Martin Vlietman). Some Pelican members may even remember seeing the artist's rendering presented years ago to members and prospective buyers at Pelican. The artist's rendering showed 85 villas; however, the land better accommodates only 83 villas. Development has always been in the plans and we are finally proceeding. This piece of land is one of our greatest financial assets. If we chose not to develop the property we would have had to raise funds either through significantly higher AMFs and/or additional Special Assessments. The development of the property will achieve the objective of keeping these costs under control while improving the Resort. Over the years, some PRC owners have walked away from their membership due to the high costs at Pelican. Additional increases will likely cause more members to also give up on their Pelican Resort membership. Previous Boards agreed development of the property was the best option for all Pelican members in order to strengthen the Resort's fiscal health. We are now proceeding with the 1999 decision that was delayed by court cases and liens to the property. Boards since 1999 and our management company, Royal Resorts, agrees it is the correct decision. We have made the decision that is most viable for all owners at the Resort. The plan for the development, including the number of units, the configuration and the height of the building, was arrived at after lengthy discussions among Royal Resorts, the Board and the applicable Authorities in Sint Maarten. It represents, on balance, the optimal economics for the resort as well as for esthetics, ambiance and operations for the benefit of the resort members as a whole. While it is unfortunate that the views of some units in the C and D buildings will be partially impaired, all efforts were made to minimize this. Previous construction within the Resort as buildings were erected and by our neighboring resort have also had similar effects on views from certain buildings, and the fact is that no unit enjoys guaranteed views notwithstanding our efforts to preserve all views. The Board and Royal Resorts agree that there is no perfect solution. However, development of the property will produce enough money to pay off our debt of over US$4 million and contribute millions more for needed general Resort improvements. The additional units will also contribute to the fixed costs of operating the Resort thereby minimizing the direct cost to current members. As reported previously, the new construction is being financed separately and does not take away resources from the current maintenance and repair of the rest of the resort and, indeed, will ultimately create income for the benefit of the entire resort. We Pelican Resort members have stuck together and overcome many obstacles because of our care and commitment to our St. Maarten home. This next step is very important to achieving a physically and fiscally healthy Sint. Maarten home. Sincerely, The Board and Royal Resorts |
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