April 17, 2003
TAPRC Board News
Hello Judy,
I participated in my first Quarterly Meeting of the TAPRC Board with Royal Management (via telephone conference), and I must tell you, as newest kid on the block, how proud I am to be a member of this group. They are truly hard-working, sharp thinkers who are respectful of one another's thoughts and ideas. The numerous issues to resolve and decisions to make regarding our Pelican Resort far exceed anything I'd imagined before I became a Board member. Doing my share will certainly be a challenge! Please include this meeting summary in your next "Judygram" to Pelican owners and also on your website. Thanks and best regards. Marion Holmes
First Quarterly Meeting:
Tenants’ Association Pelican Resort Club Board of Directors/
Royal Resorts Senior Management Staff
Schedule of 2003 Quarterly Meetings
1st Quarter March 11 Telephone Conference
2nd Quarter June 25 Pelican Resort Club
3rd Quarter September 10 Telephone Conference
4th Quarter Board Meeting December 9 and
Annual Meeting December 10-11 Pelican Resort Club
Financial Issues
The Board Treasurer and the resort comptroller report that the resort continues to show a positive cash flow. Uncollected annual maintenance fees are about the same amount as last year, and the collection process by ISCO is under way. Units will ultimately result in forced re-sales.
The PCIP program remains active with many original investors rolling over and new investors participating. These loans to the resort make possible the financing of projects beyond the scope of the regular operating budget. The Board is trying to identify some projects that might be financially beneficial, and the idea of a miniature golf course was introduced as a possible illustration.
Laundry
Construction is under way, equipment has been ordered, and the new facility is expected to be completed and
operational by next month.
Owner Communication
Owners can keep up with resort news through a variety of channels:
· On Island Bulletins
· In-house video being updated
· Pelican Updates (mailed to owners at home)
· Pelican website (www.pelicanresort.com)
· Judy Young’s weekly e-mail newsletter (To join the Pelican Owner's E-mail group, contact Judy at Judy@navnet.net
- Halifax, Nova Scotia, Canada)
· Judy also maintains a Pelican website (http://navnet.net/~judy/)
Refurbishment and Upgrading
A project list has been developed for the resort, and items are to be ranked in priority order within budget constraints. Additional items will be financed through the PCIP. The list includes a number of units scheduled for repairs and maintenance of various kinds.
Food & Beverage
The Board continues to discuss possible ways to improve these services at the resort.
Property Insurance
A change of insurance companies will result in a much smaller increase in premiums for the same coverage. The previous company offered a renewal contract with a 30% increase.
Hurricane Protection
Yearly preparations will begin in May in time for the hurricane season.
ISCO and Front Desk Interfacing
Software programs are being reviewed for quality, implementation time and pricing. This software will enable Pelican front desk staff to identify vacant units by day or week, thereby making such units available for rent or renovation.
Legal Matters
Current legal matters are all in the final stages of being resolved with the exception of the remaining Receivers issue.
Business Activities
The Business Center is operational with monthly rental fees being paid to the resort.
Efforts are under way to expand use of the VingCard to resort concessionaires for the convenience of owners and guests.
All potential construction projects for new development are on hold at this time.
Agreement was reached to make beach chair cushions available for a small rental fee to owners and guests who want them.
Physical structures, a wall and fences, are being constructed in three locations to clarify the resort boundaries.
Sales Activities
Since the resort is sold out, the only available units currently for sale are Pelican re-sales or foreclosed units.
January 2003 February 2003
