Nothing was really decided today. New trustee issue remains in limbo. WVID wants to change trustee; bond holders still say not to the trustee we want; bond holders say they have the right to select a trustee also, and if we try to change, they will change us back....all leading to probable litigation and expense for WVID. Sam Rogers again addressed the WVID and asked for a decision on completion of the Gran Paradiso amenities center. WVID legal staff stated that it was probable that the current bond fund trustee would not pay invoices for such work and that WVID would then be in default on paying for the completion costs.
The board authorized legal staff to arrange a face-to-face meeting with the bond holders representatives and get all these issues on the table for discussion and hopefully some kind of resolution. Sam Rogers asked that his legal representative attend this meeting. WVID legal counsel had no objection. Guess we all wait until next month for some decisions.
The River Road intersection project needs major design changes being imposed by the Florida DOT; longer turn lanes and a bike lane on Hwy 41. Sarasota County has sent a letter to WVID saying we need to pay for those design changes. WVID already has paid for a 100% complete design based on the original county planning guidance for the intersection. WVID staff is to continuing negotiating this issue with county staff and hopefully resolve it at an administrative level. WVID position is that we did and paid for the work we agreed to do and that WVID should not be responsible for the cost of these late date design changes now required by FDOT.
I'm just now beginning to understand why it takes years for government to do things that take private industry only months to do!
2 comments:
Paul,
Any idea who the major bondholders are?
I found an internet reference for the first bond issue (Series 2005) at http://www.fmsbonds.com/pdfs/956454AC6.pdf
I've added this link reference to all the others on the bottom of the blog page. I'm sure you could contact the District Manager, Todd Wodraska, by email at: TWodraska@sdsinc.org
If I find any other internet references for the other 2 series of bonds (2006 and 2007) I will post them below as well. The only name that I do recall from the meeting is that of the WVID proposed new trustee; Bank of New York, Mellon. This is the one that the bond holders are objecting to.
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