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4,000,000. Loan Announcement [ Paniolo Greens ]

J

jmd42

TUG Member
Joined
Jun 6, 2005
Messages
90
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0
Location
Dayton, Ohio
Has anybody got the four million dollar loan?That they are wanting us to sing off on at Paniolo Greens. Wonder if it is going to turn into a assessment fee.
 
I’m looking forward to reading more about this, and I’m even happier that we gave back our Shell ownership years ago!
 
TheHolleys87 said:
I’m looking forward to reading more about this, and I’m even happier that we gave back our Shell ownership years ago!
Click to expand...
Quoting myself from your other thread.
 
TheHolleys87 said:
I’m looking forward to reading more about this, and I’m even happier that we gave back our Shell ownership years ago!
Click to expand...
I am going to give the rest of our points back soon. I gave some away, and I just don't need them. I can book anything Shell through Wyndham.
 
Haven't received a letter but did get back from a stay at the property where there was a placard showing renovations upcoming. I was curious that we had not received notice of information and had come online today searching to see if anyone had posted that they knew anything. I'm quite concerned that we are going to be facing an assessment.
 
We received the letter and form to reply, but no information on whether it would affect our maintenece fees going forward. Says it will be paind back throguh the reserve fund. Deadline is Oct 6th. NOt sure how we'll respond
 
Has anyone received any other news about a potential assessment or increase in maintenance fees? 😬
 
Just a heads up to any Paniolo Greens owners/visitors- I am currently enjoying my stay here, and the renovation project just started this past Monday in A building. I talked to a construction supervisor, he said it is planned to be done in (2) six month phases due to is being so large. Also having hard time still getting some of the materials needed to complete each unit. Just wondering did any Shell or Wyndham owners get a special assessment from this, or is it covered by regular fees?
 
riderLise said:
We received the letter and form to reply, but no information on whether it would affect our maintenece fees going forward. Says it will be paind back throguh the reserve fund. Deadline is Oct 6th. NOt sure how we'll respond
Click to expand...
The “letter" gave few details. I emailed the General Manager of Paniolo and he acknowledged that the letter was poorly written and included few details. I’ve been a deeded owner at Paniolo for more that 25 years. I approve of the way the resort is being run. I always enjoy my stays there. Perhaps it’s because I enjoy it, that I have become remiss in reviewing the annual financial information that is produced by the HOA.

After receiving the “letter", I reviewed past years data I receive annually with my MF invoice. I used to get an annual audited Income Statement and Balance Sheet certified by a CPA firm. The last time that happened was 2020!! Since then, I don’t get any actual financial results- much less any audited statements! I only get a Budget for the upcoming year which attempts to justify the MFs.

The “letter” (which was mandated by the HOA by laws ) needed a 50% approval before the loan could be taken out. I believe that Shell Vacation Club -the developer owns 50% if not more of the deeded weeks- so the HOA (controlled by SVC) didn’t need to put much effort into the letter. This conclusion was strengthened by Paniolo's General Manager who responded to my inquiry on October 9th that they already had more than a 50% acceptance rate for the loan proposal- but I was welcomed to cast my vote even though the letter’s closing date was October 6th.

Despite the slight of hand, I still think that the resort is well managed. I just wish that the financial information was more transparent. I own a different timeshare that contains all the present and past certified financials statement on there website. It also includes notes from the HOA meetings etc.
 
Isn't Shell now owned by Wyndumb?
 
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