From former President Favil West:
Nearly 19 years ago I moved to SCA stating, “this is my last move.” I will keep my word. Obviously through the passing of those years I have seen 19 boards, was elected 3 times and served as an officer on 6 of those boards. I also served as board liaison to one restaurant lease negotiation and served on 2 lease modification teams one of which I was the team leader. I mention this only as background information.
This board has rejected advice given by a number of professional negotiators, realtors, and others recommending that they hire a leasing agent specializing in restaurant leasing. (I did this with my own buildings) They decided to negotiate the lease themselves, a huge error in judgment. When you own the asset only those without experience want to meet eye to eye. The asset owner nearly always keeps the negotiations at arm’s length. Never once did I meet with people leasing from me. Never once did I meet with the owner of buildings I leased. I always met with the leasing agent. It is the way smart people deal. I think it is clear that the negotiators representing the Association have no leasing experience, are incompetent in this area, and they may be negligent in representing the best interests of the Association.
Candidly, I am embarrassed to say I voted for all but one of these people. (I cannot call them directors as they clearly do not understand the duties of a board member)
This lease term letter reflects the eventual lease document and will be very costly to the association and its unit owners. This term letter, in my opinion, reflects both the arrogance of this board as well as their intent to ignore their fiduciary responsibility to the association.
It has become increasingly clear why SCA, a community that once was the number 1 senior community in the country, has sunk so low in such a short period of time. It certainly reflects adversely on the last 3 boards and on its management.
As you know there are no inoculations, nor anything else you can do for stupid and that is what we at SCA are facing with this board..
Favil