“I’ve been president before, Rick Williams has been president before, so has Dennis Lomax. We’ve never had this kind of turnout, even for annexation,” said Larry Lane, president of the Oakwood Property Owners Association. “I think people just wanted to move this forward.”
The global agreement provides the property owners with some of the rights they have always had, with a permanent 30-foot easement to the beach, access to the chapel, memorial gardens and the playground. OPOA will also be able to lease piers in the channels for 10 years with an option to purchase at the end of the lease.
Approximately 17 people attended the hour long meeting. Lane told the group the Parents are excited and property owners should expect to see a lot of activity around the inn this winter. He then reviewed work several association committees are working on such as parking and piers. With the parking, OPOA will be working with the Parents and the town on addressing several parking issues in the park. The pier committee will begin its work soon since it will have 30 days after the property closing to take the piers over. The neighborhood watch program in the park will also be ramped up to a higher level in the off season.
Ian Rolland, receiver for the Oakwod Foundation, told those attending the meeting he hopes to close the sale of the property in mid-October. The Parents want to open the hotel and restaurant next season. JR Parent has already been at the property cleaning up the landscaping and mowing the lawn.
Rolland is in the process of writing his 12th report to the court and has a hearing scheduled with Judge Duane Huffer Monday. At that time, the judge has to make a number of decisions, one being approving the changes to the covenants. “He’ll be happier this time than he was the last time we met,” Rolland said referring to Huffer. “The number of people here today is indicative of the lack of controversy.”
Rolland then explained the foundation still existed, but currently has no directors. Huffer ordered all foundation directors removed when Rolland was named receiver. When the closing takes place a new foundation with representation from the Parents, OPOA, Town of Syracuse and others will be put in place as an oversight committee. It will also be a 501(C)3 organization so it can take charitable contributions.
One property owner asked why the property owners have not been paid back what was overpaid to the Oakwood Service Company. Rolland said no one has been repaid yet and outlined who the major creditors to Oakwood are. Principal creditors include the bank, Rolland said the Parents will assume the loans from the bank; the church, an agreement has been reached on its share; Doug Anderson, who provided funds while on the board to keep Oakwood afloat; and former directors who also donated personal funds when Oakwood was in financial trouble. There are also vendors who have unsecured claims for services provided. “We’d like to pay back everybody, but I suspect we won’t be able to do that,” Rolland said.
There is also a loan to the Parents that needs to be paid pack, the foundation’s share to the Town of Syracuse as a result of annexation, which is approximately $55,000 a year for five years. Attorney fees also have to be paid. Rolland said if there is any leftover, there will also be compensation for his work as receiver.
Another property owner asked if there was any way the property owners would know if the repayment information would be available to the OPOA. Rolland said he believed it will be since it is a court matter.
When the closing on the property takes place, the foundation will be activated. “I’ll be out of a job, finally,” Rolland said. He also told those attending the meeting “I think Howard (Howard Brembeck, an Oakwood patron) would be happy with this. He left a fund that is available and overseen by his daughter and grandson, that as long as they approve it, can be used to help fund some of these activities (planned for Oakwood).”
A property owner asked if this is a fund or an endowment. Rolland said it is a fund, but there are requirements as to what amount can be spent during a specified amount of time.