The Charbonneau Villager Newspaper 2020_April issue_Villager newspaper | Page 4

4 THE CHARBONNEAU VILLAGER President’s Column Q From Page 3 board has been operating under this interpretation and advice of counsel for the past 12 years. The maximum monthly assessment for any given year through 2020 is set forth in an at- tached Schedule 1 to this resolution. These resolutions can be found in their Communications Chair By STEVE SWITZER Golf Course merger negotiations continue with completion of due diligence report The Due Dili- gence Committee (DDC) for the CCC Board presented its preliminary findings to the board at its execu- tive session meet- SWITZER ing March 3. The DDC studied risks and costs in the following areas: Fi- nancial, environmental, legal, re- serves and business. April 2020 entirety at the CCC website. The CCC Board continually receives very important information from our Civic Affairs Chair, Wayne Richards, regarding numerous issues which are vital to our community. At our March CCC Board meeting, Wayne talked about the ongoing challenges faced in the proposed expansion of the Aurora Airport and the negative environmental impact of wake boarding boats on the Willamette River. He concluded his re- port by praising the accomplishments of Wilsonville’s mayor and City Council asking the question: “Why would we ever consider Term Limits which would stall progress and remove the talent and experience we need.” The Civic Af- fairs committee welcomes new mem- bers, it is a wonderful service to our en- tire community. Please contact Wayne if you would like to volunteer your time serving on this committee. For those of you closely following the merger with the golf course, CCC Communications Chair Steve Switzer has written an update which can be found in this issue of The Villager. Ma- ny thanks to our Emergency Prepared- ness and Public Safety Committee, chaired by Sandy Batte, for their quick and ongoing response to the COVID-19 Financial risks and costs did comprehensive soil tests. They found no contamination. The DDC had full access to the his- torical financial data of the golf course. The committee went into great detail of the financial aspects of the golf course, including operating costs, the water company, food service, equipment and merchandise sales. They reviewed the asset list and management of the course, as well as the revenue generat- ed by the sale of the driving range. They also reported that the upgrades to maintenance equipment and improve- ments to the water system have been nearly completed. The opening of the new pavilion is expected to generate ad- ditional revenue beginning in 2021. The golf course also has no debt. Environmental risks There were two buried fuel tanks on the property that housed the mainte- nance facility in the early days of Char- bonneau. It was determined that they were removed appropriately. In addi- tion, TVFR was interested in purchas- ing the property a few years ago and Legal risks We continue to meet with the HOA attorney to make sure the structure of the merger is in an appropriate format. Our legal counsel will also conduct a second due diligence to ensure proper- ty titles, etc. Reserves The DDC felt comfortable that there will be sufficient reserves in place for both the golf course and the water com- pany. There are no major capital ex- penditures foreseen in the next five years. The water company compiled a master improvement plan in 2017 and most of the needed repairs and replace- ments have been completed. Business risks Nationwide and in the Northwest, golf rounds have been declining somewhat over past years. However, data from the National Golf Foundation and others have noted an upward trend in the last virus threat. I hope you are all receiv- ing their email updates sent from the CCC office. It is also a good idea to fol- low the updates from the Oregon Health Authority. The CCC staff is making operational changes to make sure we are limiting our risk here in Charbonneau. On a final note, the CCC Board voted unanimously to add two paid staff holi- days to the CCC yearly calendar: Presi- dent’s Day and MLK Day. I hope this Easter season fills your home with peace, joy, and plenty of colorful Eas- ter eggs. two years. The most common reason giv- en for declining play is that Millennials don’t have the time to spend the five hours it takes to play 18 holes of golf. Two factors buck that trend at Charbon- neau, however. The shorter course is quicker to play and we are an older com- munity with a high percentage of people who golf and have the time to do it. The DDC looked at the rounds played at Charbonneau each year for the last five years. The trend shows a steady increase in rounds over the last two years, which reinforces the business model here. A copy of the merger agreement, which is now being prepared, will be available after it is approved by the CCC Board. And a summary of the due diligence report will also be available once the transaction is completed. The DDC believes that the merger will have no impact on residential dues in the foreseeable future. The board, after discussion in open session and after full review in execu- tive session, voted unanimously to con- tinue moving forward with the merger process. PRINTING PROJECTS ? WE PRINT • Brochures • Postcards • Newsletters • and more Matt Harris Financial Advisor For an estimate, please call 971.204.7716 or email [email protected] 8995 SW Miley Rd Suite 107 Wilsonville, OR 97070 503-694-1157 edwardjones.com Member SIPC