Accountability...

Again I may be mistaken, but I don't think Banner has any type of ownership in the Lakes property. In checking the tax assessor's site it shows it's owned and managed by Sun Health(ROSKAMP-SUN HEALTH MANAGEMENT SERVICES LLP). So it seems that the lawsuit wouldn't have any effect.

 

Aggie, Banner owns the dirt under the building. Roskamp owns the building. Yes they are separate entities from each other. Knew this some time ago. Banner has no desire to let go of the dirt, we knew that as well a few years ago. Getting the building would be the first step in procuring the ground at a later time, after some improvements would be made to make the building habitable for the RCSC uses.

 

If not mistaken, the land is actually owned by the Sun Health Foundation and the building by Roseamp. I agree with C, the first step would be in securing the building with additional talks down the road with the foundation. Back when we were looking at it, the word was the foundation would give us the land in exchange for a 5000 square foot office space in the building. Unfortunately they never followed through on it, that coupled with the fact we were never really pursuing it.

And of course the bigger problem is in the funding for this kind of a project. Had there been a long range planning committee in place, studies, research and community outreach could have been done. Now if you look at the long range plan, there's about 10 million dollars being plowed into Willowbrook/Willowcreek (a course the PGA said was good for another 7 to 10 years), 5.5 million dollars going towards the solar buyout (2019) and god knows how much will be dumped into the Grand Ave project. Word is 3 million dollars, but does that include parking lot repair, massive security fencing and security? And so we are clear, that's just the first phase of the Grand project.

The point being of course is the nature of a free-falling long range plan is showing its ugly head. Flailing about without knowing what, why, where or how is stupidity at its finest. That wasn't how Sun City was built and certainly wasn't why it survived.

 

Sorry folks for the delay, having other personal items to take care put me way behind on the calling of one of the attorneys. It appears Michael Catlett is one of the attorneys for the parcel HTA - SC Lakes Club LLC, A Delaware Limited Liability company. There are rows upon rows of various "HTA" listed and the Lakes Club is in the middle of the pile. This is a Racketeering (RICO) Corrupt Organization Case. There are another 470 other statutes noted in this case. It has been awarded a change of venue to Eastern Pennsylvania as this is where the Plaintiffs of the case are based. Just some light reading to lull some asleep. I do believe the RICO case takes precedent over the property, making it a part of the claim filed against the properties versus Roskamp Management Company. As long as the property is claimed to be a portion of a Federal RICO case, it more than likely will have to stay a part of that picture until such time the case is adjudicated and a verdict, costs, and damages have been awarded or denied. In other words, keep an eye on the case and see how things play out. Here is the address to the outstanding case pending additional litigation: https://www.leagle.com/decision/infdco20180315893 so you, too, can do some light reading.

 

Interesting mess to sift through for sure C. Damn, would have been interesting to know had we bought when the school went out the first time whether it would have been before the stuff hit the fan with Roskamp. If memory serves me, we would have been in just under the wire.

 

We may have avoided the RICO suit, but as I recall, the leasing of the Lakes Club was a done deal between GCU and Sun Health, even before Maricopa County Community Colleges vacated the building. We talked about purchasing the Lakes Club and then RCSC becoming the lease holder. Problem is, it put us into a whole new world of being in property management, and, as I recall, the "contingent" were not interested in pursuing the RCSC as being a holding company. Since that time, there has been off and on discussion as to whether or not the RCSC should venture into capital holdings. I truly believe the RCSC should be its own property management company to take advantage of real property offerings when an opportunity arises.

The La Ronde center came about around the same time. As it was discussed, the huge asking price, the amount of immediate remodeling costs, on top of known constructions needs for the center placed it on the back burner. Too much upfront costs, too long of an investment period. This is probably one of the deals the RCSC was better off walking away from.