Project Torchlight News, Layouts, Cash Forecast and Management Company Announcement

Project Torchlight News, Layouts, Cash Forecast and Management Company Announcement

By | 2020-12-23T17:39:07-05:00 Wednesday, December 23, 2020 at 5:39 PM|Meadows Course Info, News|

Three Year Project Torchlight Cash Forecast/Projections

The below document is the current Three Year Cash Projection for the Project Torchlight effort. It is subject to revisions. This document is also available in the Documents Section of the website inside the category Project Torchlight Docs.

BPGC Cash Forecast

BPCA Selects Bobby Jones Links to manage Project Torchlight and the BPGC

The following is a brief announcement regarding the selection of a nationally recognized golf management company to manage Project Torchlight and run the day-to-operations of the golf properties, should BPCA vote to approve the funding assessment, scheduled for a special meeting vote on January 16th, 2021 at the Sheraton at 10:00 AM. Owners will receive their Ballots and Proxy in the mail for the purpose of casting their vote. This announcement is also available in the Documents Section of the website inside the category Project Torchlight Docs.

BJL Annuncement

The attached document is a depiction of the DRAFT Layout for the Project Torchlight Property.  This document is also available in the Documents Section of the website inside the category Project Torchlight Docs.

BPCA Meadows Layout

The attached document is a depiction of the DRAFT Layout of the New Amenities contemplated for Bay Point. This document can also be found in the Documents Section of the website under the category of Project Torchlight Docs.

BPCA Amenities Layout

17 Comments

  1. I see no comments since January 11. Is that the latest comment?

    Now that the vote has rejected the current PSA it may be more appropriate to “welcome” Torchlight as a future part of the Bay Point community. In doing so maybe we need to explore an opportunity to request/ask/negotiate with Torchlight the possibility to have them include some of the owner desires such that would be mutually beneficial to both BPIA and condo owners alike. The things that come to mind are walking trails and green/play space. Maybe some other items not coming to my mind. Are there other areas where cooperation can advantageous to both Torchlight and Bay Point owners?

    I do know that when Marriott wanted to build the Legends Edge project they(Marriott) made a substantial financial contribution to BPCA that provided seed money for the gazebo at current Seltzer kids play park. Over the years and with additional investments this has become a very nice play area. Are there similar opportunities with Torchlight?

  2. Previously I have not posted correctly so I’ll try again.

    I would like some clarification of the New Club’s Board of Directors

    One member as “Resort Director”
    One member from BPPGA
    Seven members from BPIA

    How are these members chosen? Qualifications? Eligibility? Ensure this does not result in a ‘”buddy -buddy” Board of like-minded members.

    • The Resort Member is chosen by the Hotel owner, as long as the hotel maintains “full-service resort status”; if that status is not maintained, the Resort Member requirement is deleted. The BPPGA member is chosen by the BPPGA chairman. BPIA is given 3 persons to be selected by the BPCA board, but they do not have to be board members. The other 4 board members are initially chosen by the BPCA board for 3 year terms, after their terms expire the 4 members will be chosen by the other directors.

      In selecting the members chosen by the BPCA board, the board looked at several factors: education, business experience, community knowledge, golf operations knowledge, etc. Thank you for your commment.

  3. As a homeowner in Baypoint, I am surprised and suspect of the hasty plans that have been developed and proposed as practically a “done” deal under the guise of protecting the future of our community. I’m thankful to those who have taken the time to thoughtfully consider this plan and its implications for all of the homeowners, communicating elements of the plan which seem incomplete. From my perspective, finding a way to purchase the Meadows is very reasonable and I like the thought of knowing we control what becomes of that land. I was excited to think about more family friendly space for homeowners, and the fact that the Nicholas course was up and running would maintain the appeal of living in Baypoint for golfers. Then it seemed suddenly that a decision had already been made to purchase both courses (why?), and to bring in a professional golf company, include the Sheraton in the mix, and another “board” has been formed to manage what is new…my first thought was how did all of this happen without the homeowners’ knowledge? I have found myself wondering what kind of politics is working in our community, where a few seem to be making major decisions for us all. Next, as I read the Baypoint paper and considered all of the thoughts which were expressed, I realized that it sounded like some of the board were not even aware of the actions of others on the board. This all seems very fast and somehow wrong. All of us who own homes in Baypoint desire to maintain and improve our community, but it seems we should be voting on what should take place next rather than saying yes or no to an additional assessment to fund actions which are not fully understood by many who will be affected. I would like for Baypoint to own the Meadows and improve our community, and would participate in an additional assessment to do so. I have concerns about the current proposal. Thank you. Karen and David Greene

    • Thank you for your comments. I respectfully disagree with some of your assumptions; board members have been working on this project for more than a year and there was no secrecy involved. The project was discussed at many board meetings in 2020, a community survey was sent to every homeowner a couple of months ago – more than 600 survey responses were returned; any expenditures for the project were approved by the board; and it has been the subject of numerous articles in the Bay Point News and social media sites.

      It is easy to suggest purchasing only the Meadows course; however, any deal requires a willing seller and willing buyer. With respect to purchasing only the Meadows, that deal was proposed initially many times and rejected – the seller would not consider it.

  4. So if one disagrees with this purchase they are branded a naysayers. Well many prominent residents have asked many very enlightening questions. To which many have not been answered and our board feels are insignificant details. While resorting to fear tactics of plummeting property values. Which currently is not a reality from todays selling prices over three years ago.

    Everyone is agreement the purchase of the Meadows is important to our future. But many of us find this deal more of a liability than an asset in its current state. What percentage of current home owners purchased here for the golf? How many home owners are/were members of the current golf courses? Plus what portion of those are Preferred Golf Membership certificate holders?

    Well all things done in darkness will come to light! The board created a new separate entity to govern the New Club. Made up of only self appointed board members. Knowledge of these positions was not availed to the owners for their possible involvement on this new board. This raises many questions as to who is actually benefiting from such a lopsided deal?

    I. Why are there no protections in the PSA for the limitations for the amount of continued investments by the owner?. In the event projections not be meet.
    II. Why have the bi-laws of the new club not been published? If so where?
    III. Why would should the property owners agree to being charged financial shortfalls of the New Club? This should be an annual assement to the New Club members like most all golf clubs.
    IV. Will the revenue short falls of the new restaurant be assessed to the owners? Or will the New Club members receive a minimum monthly food charge?
    V. Why is there not more property owner involvement in this board?

    Finally we are being asked to provide over $13,000,000 to a plan that is not finalized. I have witnessed people mistakenly thinking they will get everything they want. While people with opposing views and desires are receiving what they want. The board is not 100% committing to any of them. Which will only serve to further polarize the community. Which is not a win win situation. The only winners will be the golfers who will be fortunate enough to receive favor from this deal. There fore I will be voting NO. A deal made in fear is not made in ones best interest!

  5. There are many reasons for a special assessment. Protecting unwarranted development and a opportunity to control that is purchasing the property only at this point.. Another reason for a special assessment is infrastructure. The life of the sewers, rain water drainage systems are how old now? Sinkholes appear with temporary fixes, this forces repairs down the road. Are repairs being done to save money and not according regulatory codes? If our infrastructure is not sound it does us an injustice to spend money’s on additional amenities when the grounds are flooding enabling the shifting of the sand around our own residences. The flooding of streets and yards create problems, how many have had the main sewer line from your house break? How many drain boxes have sunk on the roads you drive on everyday. What would the actual cost to update our critical infrastructure to Existing regulatory sewer codes cost? There will always be a wish list but without a solid foundation to build on what’s the point? There is not enough information to support anything but the land acquisition at this time.

  6. This is a very bad deal for Bay Point property owners. With most business purchases, the purchaser takes control of the business. That is not the case with this proposed purchase. The seller and/or Hotel Director has almost complete control after the sale, especially in regards to the golf courses. What do you get for your $8400? Do you get complimentary golf, do you get reduced rates for golf, do you get preferential schedule times, do you get to see the financial records of the golf course operation? NO! What do you get-you get to let your money be used with hardly any control on your part. I predict that before 5 years has lapsed under this deal, that there will be no more funds in the loan, but we will continue to make payments to service the debt and be looking at more assessments to provide maintenance and operation of the golf courses and other amenities(if they are ever constructed). This is not a 10 year deal of $70 per month, this is a never ending deal that will cost way more than that for as long as you own your Bay Point property!
    Glenn Keebler

  7. All these comments look rigged to favor a yes vote. Let’s see if this one gets posted.

  8. The Future of Our Community Is In Your Hands

    My request of you will be short and simple, the real issue is exactly that “simple” and should be a “No-Brainer”.

    Please do not allow misinformed Naysayers to drag you into the “budget weeds” over a simple issue. Remember budgets are nothing more than estimates and are changed as more information becomes available. Also, please do not allow a former developer to lead you to an incorrect decision because he is upset that his peers and teammates did not select him to an unlimited term as the Executive Chairman of the future Bay Point golf operations.

    The issue before the Bay Point property owners is not about buying golf courses, not about building amenities, or what issues may exist with the initial budget estimate. It is about Bay Point property owners having a once-in-a-lifetime opportunity to control the destiny of their community by purchasing 300 plus acres of land in the heart of their community and controlling what happens to that land and their individual property values now and in the future.

    Simply stated: Is it worth $840 per year for 10 years to prevent losing 15% to 25% of your Bay Point property value systematically over the long-term. If you think preserving and increasing your property value is worth $840 per year for 10 years, then please vote YES with your Proxy for the January 16th property owners meeting.

    Thank you.
    Carl Selph

  9. I also support the purchase of the land and facilities by the Association for the Owners as this will allow us the keep and grow our community.

    However, as another poster has mentioned: “I do not see here a plan to foster community engagement with the golf course and other proposed amenities”. This is a great point and should not be overlooked. We need to have a way to get out money’s worth from this deal other than our property values MAY go up.

    I propose that if the community owners are paying for this then the community owners should be able to profit from this venture, it there is a profit. Surly this will make sense as the community owners are footing the bill.

    Now I’m not great with numbers, but if you use the suggestion in an earlier post of offering each homeowner a credit for using the facilities i.e., restaurant, golf or pool for starters. Then at the end of the year return a dividend, if there is one back to the owners so we can not only see out property values increasing, but our bank accounts as well.

    Win-Win!

  10. Was there any thought given to slightly shortening the Meadows holes new 3, fourteen and fifteen? By losing 15-20 yards we could free up some additional buildable lots on Marlin Circle and Cobia. There are even house numbers that are not being used to do so. Selling off these lots at 60-70k apiece would bring in approximately an additional 500,000 to offset some of these costs and issues without drastically altering the makeup of the community.

  11. I support the initial plan to purchase and control the golf courses. I support the opportunity to take bold action to improve the community’s amenities. I support hiring excellent golf course management, which Bobby Jones Links appears to be. This is an inflection point for Bay Point and I encourage anyone who reads this to take time to really contemplate the proposal.

    HOWEVER, I do not see here a plan to foster community engagement with the golf course and other proposed amenities. We are all buying this land together. Some of us are golfers, some of us are not golfers. Whether we golf or not, every individual and family needs a way to make the expenditure worth it, not just in sustaining or improving the value of our respective real estate, which, after all, we must be honest, does not, and will not, benefit every Bay Point owner equally. Some of us own large homes directly on one of the courses. Some of us own studio apartments that face a parking lot. We all will pay the same to purchase the land, will we not? What is the plan to make this substantial investment more equitable?

    Someone above mentioned potential operational shortfalls and suggested a need for greater transparency regarding rosy or non-existent financial projections.

    I suggest to the board to consider and develop a plan for addressing budgetary shortfalls. For example, bump up a $70 / month assessment to $90 / month and offer each homeowner a $90 credit for the use of the golf course or other amenities. Use the credit within that month (or quarter or year) or lose it. This will help get the people who, after all, pay for the land a chance to directly benefit from it. If you don’t golf, use the tennis court or get a couple of burgers and beers at the restaurant.

    My $0.02.

  12. I don’t think anyone has worked more diligently than have I to help Bay Point acquire the golf course land. I understand the importance of the purchase. Unfortunately, I have concluded that Bay Point property owners are being misled regarding the responsibilities they will accept if they approve the proposed special assessment. My concerns are specific and of such depth than they cannot be catalogued in in the short post. They center on transparency and the efficiency of the information the BPCA has provided to its members. By way of example: The proposed budget includes $1.5 million for the redevelopment of the Meadows golf course in “Year 3”. BPIA officials know full well that the Meadows cannot be rebuilt for $1.5. They mislead the community by suggesting that it can. The actual cost of rebuilding the Meadows to USGA standards is likely closer to $4 million. The budget contains $4,603,390 for the construction of amenities, but not a single dollar for their operation and ongoing maintenance. The budget proposes to spend the special assessment on acquisition, amenity construction, perfunctory cleanup of the Meadows and initial year operating losses of the Nicklaus. The budget does not provide for the ongoing expenses of the amenities they propose to develop. Pools don’t clean themselves. Grass doesn’t cut itself. Clubhouses seldom produce sufficient revenue to pay their costs. These items are the tip of the iceberg obscured by the BPCA in its communications to its members. To proceed with the worthwhile effort to acquire the golf course land and plan for the future, it seems to me that the BPCA should make public all of cost estimates received from third parties regarding construction of amenities, initial cleaning of the Meadows and all of the items discovered during due-diligence that will have to be addressed once the property is acquired. No such accounting appears in the budget. My experience in having worked on this project and having managed Bay Point’s development for over 20 years leads me to believe that the approval of the special assessment, as currently presented, will send this community on a fool’s errand. Bay Point was justified in opposing the redevelopment plan presented by Torchlight. A solution was and continues to be required that adds to the value of our homes and expands life-style opportunities. This plan, if it be a plan, is not that solution.
    Bill Spann

  13. This looks like a good plan. However, what is our community doing about the Marina? We need to have a community boat launch and a place to dock our boats.

  14. I’m glad happy to support BPCA purchase of said acreage. At least if things don’t go 100% as planned, BPCA is still in the driver’s seat to make course changes. The other way we are not the drivers and can only voice a vote that is not enforceable.

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Bay Point Community Association

4000 Marriott Dr C, Panama City, FL 32408

Phone: (850) 234-2727