Project Torchlight Video and FAQs

Project Torchlight Video and FAQs

By | 2020-12-08T09:28:04-05:00 Tuesday, December 8, 2020 at 9:28 AM|BPCA Meadows Notes, News|

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  1. Can you confirm the following with regard to this sale:

    The Owners of the Sheraton Hotel at Bay Point are also Torchlight and that under the proposed Purchase and Sale Agreement;

    The SELLER approves or disapproves any management company engaged to operate the course (and successor companies)

    The SELLER has a member on the new Board of Directors

    The SELLER sets the grounds maintenance budget to maintain the Bay Point course (and the Meadows if it becomes operable) in a “first class standard” ($402k the first year for Bay Point alone – double that with two courses – dollar amounts to increase each year – mandatory)

    The SELLER (in the person of their director) receives monthly reports making sure the new purchaser is spending whatever it takes to maintain courses in a “first class standard”

    The SELLER (in the person of their director) decides if the courses are maintained in a “first class standard”

    If the Purchaser (BPCA) does not have enough money to keep up the courses to a “first class standard” – the SELLER will lend the amounts securitized by Hotel Guests golf fees

    The SELLER (in the person of their director) approves any shutdown of courses for restoration

    The SELLER will receive 50% of the proceeds if any purchased here property is sold to a developer/builder within 4 years (25% years between years 4 & 8)

    The SELLER has a 10 year right of refusal upon sale of any purchased real property

    The SELLER (in the persons of Hotel Management) receives five(5) complimentary golf memberships covering green and cart fees – receives discounts on rounds of golf – and 10% commission on any green or cart fees played by a Hotel Guest – purchaser cannot schedule any event within 90 days without approval of the SELLER (in the form of Hotel Management) if it does not leave at least 30 tee times available for hotel guests only

    The SELLER has preferred tee times over any other member or golfer and the purchaser must set aside morning and afternoon tee times for hotel guests only

    The SELLER limits the purchaser to holding no more than six (6) events that may close the course to hotel guests without the approval of the SELLER

    The Purchaser shall not enter into any agreement or offer terms to any other hotel or hotel manager better than those available to the SELLER

    These are some but not all the benefits and preferences given to the SELLER under the P & S agreement.

  2. Thank you for sharing the video and relevant information. As an absentee owner of a condo, I wasn’t sure if I(we) could optimize our schedule to attend a meeting or zoom call. This was a huge help!

    A couple of quick questions. Hopefully meaningful!

    -Define “Revitalization” as used in the presentation…….does this just mean the “clean up” of the former Meadows property or does it include the golf course completion?

    -Will the rebuilding of the former Meadows course, be done in stages (6,9 18 holes)? Will it be completely rebuilt/designed or just refurbished?

    -Are there any tax advantages/disadvantages that the Association may face, as the project develops? (ie: Real Estate Property Taxes)

    -Does the assessment liability, stay with property or follow the owner? (When and if an individual sells their property)

    -Finally, any feel from Torchlight on their commitment to the Hotel/Spa/etc. long term?

    Once again thanks for all the hard luck and……..wish us all – Good Luck!

  3. Do not disagree with the effort to purchase the property, should have been done years ago. Do have heartburn with the non-neutral approach to the proposal selling and the vote that can change the assessment. The $70 per month has a nice low sound to it, certainly a better ring than a 63% increase or $840 yearly that it equates to.

    Additionally and quite technically only 233 votes for the proposal of the 1547 eligible are required to pass the assessment increase (15% +1). It doesn’t take a large group of motivated movers to bend their will on those who do not participate.

    Good presentation and well appreciated Q&A period

  4. Toward the end of the video you show the amenities taking up all the space that is currently the Meadows holes 1 and 18. Where is the plan that shows where those holes will be relocated to and how that impacts the other existing holes?

    • There is a rendering in the office which shows to new layout.

  5. Thank you for sharing the video! I have a few questions:
    – Can you share the survey results? Looking for the actual detailed results with # of respondents and responses to each of the questions. This will help everyone understand what the respondents were looking for, see beyond our own personal desires.
    – What HOA managed Golf Course communities did you look at that operate successfully? Any information shared about their structure and results would be helpful.
    – Please provide the trends in golf play you refer to, most of what we hear is that it’s declining. What data did you use to determine two operational courses would be successful in Bay Point long term?
    – Did you look at not rebuilding the Meadows and using that entire land as community space or splitting it into a 9 hole course with the remaining used as community space? What data supported that it was best to be turned back into a 18 hole golf course instead? Property values should be maintained with either solution as long as townhomes aren’t being built.
    Thank you in advance for your responses.

    • Survey summary is in the office and distributed at the info meeting. Call office and they will send one to you. The survey, results and analysis is very lengthy document with pages of comments. If there is something specific you want to know we will provide it.
      One in GA., one in Texas, one in Alabama. The GA location is Big Canoe. I’ll get you the names of Alabama and Texas. Big Canoe most modelled our journey and goals.
      Golf Foundation provided most of the information. They have a web site and I spoke with their director. Two golf management associations also confirmed our data.
      There were many options reviewed over the last seven months regarding the Meadows. The survey gave us the most support. In addition we want the expected revenue from the course.

  6. Does BPCA receive full ownership of the acreage without contingency at the closing date?

  7. Thank you so much for sharing this, I really appreciate all the hard work and time that has gone into the effort thus far. I am in complete support and look forward to the future of Bay Point!

Bay Point Community Association

4000 Marriott Dr C, Panama City, FL 32408

Phone: (850) 234-2727