Board To Discuss City’s Offer, Baseline Review

— The Property Owners Association’s board will have a special meeting Thursday to discuss an offer from the city to purchase association-owned buildings used for the Police and Fire departments.

In October, the board instructed Tommy Bailey, association general manager, to send a letter to Mayor Frank Anderson offering the city a long-term lease — at less than fair market value — on the buildings.

Anderson responded Dec. 18 it was in “the long-term best interest of the citizens of Bella Vista to own the buildings rather than lease.” The council agreed to an offer of $1,874,600 for the three buildings. The buildings are off Trafalgar Road, Glasgow Road and at Town Center, according to a news release.

As with all common property, the membership will have to approve the sale through a vote. If the board agrees with the offer, an election will follow, according to the release.

Also Thursday, the board will continue to discuss the association’s baseline review and solutions.

At A Glance

Hours Changing

The association’s Membership Services Department will reduce its hours. The department’s Saturday hours will be eliminated, beginning Jan. 12. Daily hours will change to 9:30 a.m.-6 p.m. Monday through Friday, beginning Jan. 14.

We Watch

Online Actions

Members seeking to purchase an association-issued photo identification card, golf value card, an annual golf green fee, an annual seat lease and/or register a private cart may do so without leaving their home. To register online, visit bellavistapoa.com/golf/expressgolfregistration.asp.

Source: Bella Vista POA

Director Randall Gnant presented in November a 10-year baseline projection for the association. The projection estimates the association’s financial situation over the next decade, according to the release.

The review was initiated by the board. It required certain assumptions for items such as inflation and fuel. The review evaluates the association’s financial situation while continuing to maintain the amenities and services. It doesn’t include additions or improvement to amenities or facilities, Gnant said.

From 2013 to 2022, the association is projecting revenue of about $160 million. Of that, $87 million, or 55 percent, is to come from assessments. During the same period, however, cash requirements are projected at $222 million, leaving a shortfall of $62.5 million — an excess of all investments and reserve, Gnant said.

A significant amount of the shortfall is because of capital projects. However, those capital projects are needed to keep amenities at their current level. Many of the proposed improvements are in the Golf Division, which also brings in the most revenue. Some projects may be able to be eliminated or postponed, but that’s just deferring the problem, Gnant said.

The meeting, which is open to the public, will be at 8 a.m. Thursday in the Bella Vista Country Club's Board Meeting Room, 98 Clubhouse Drive.

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