A.  How will we fund the development?

B.  How much will we charge for each lot?

C.  Will HOA dues be higher?

D.  How long will it take start to finish to setup Yorktown?

E.  What if they don’t sell the lots?

F.  Do we need this to thrive?

G.  Will the lots be larger than the norm?

 

Questions answered by York Town committee chair:

 

How will we fund the development? 
Well, this will be funded by the lot sales. The lot sale will go thru the clubhouse with the VP of sale who right now is the manager - realtors will be able to show properties for sale and SFOA will get full funding with all realtors being paid by the buyer not SFOA so we will see the profit off sale and not pay a commission for a realtor.

 

How much will we charge for each lot?
We have not yet determined the per lot price but figuring from $8500 to $17,000. But we have not determined that currently. Some lots are bigger so we will figure that out as we move forward. Just rough math even just at $8500 x 65 = $552,500 which by most of the proposals we have received to build, electrical, drainage, road construction and misc. will cover the cost.

 

Will HOA dues be higher?
NO not that we can foresee the future but for the build it will not cost members. The sales will cover the cost.

 

How long will it take start to finish to setup Yorktown?
At this time, it is not yet known how long – this will be determined if it passes thru membership vote or not.  But from what we are hearing thru meetings and talking with other contractors 6 months or less.  Don’t hold us to that but if we started today depending on the contractors for all the roads and electrical it would be at least 6 months give or take but we are not at that point right now.

 

What if they don’t sell the lots?
Well always a concern but from the market in general and talking to realtors there is a want of people wanting to have a place they own, yes it’s a risk like anything else, but is the risk worth the reward? That is the question all members need to ask themselves as we move thru this, I ask myself that, and the answer is yes, as a business person there is always risk and if it was me alone it would be a yes, but we consider as a board, what do 863 other lots feel about that risk.

 

Do we need this to thrive?
NO, we are doing fine – this plan was part of the original CUP from the developer back in the 80”s so do we need it to thrive - NO but do we need it to grow? – YES. This was part of the original build of Sherwood Forest and all I and the Board are doing is seeing if we can fulfill the original development since Aitkin County had already approved the build and are obligated to see the development done since they approved it back in the 80’s. We are just moving it forward; this should have already been done but was never looked at or ignored by prior boards.

 

Will the lots be larger than the norm?
The maps attached we have done to show the size of the lots some are bigger, but they are in relevance to the lots we have in other towns.  If you zoom into the map the dimensions of each lot are there you just have to zoom in to each lot to see the exact dimensions.  These maps are done so that I can print them at 2 feet by 2 feet so you may need to zoom in close

 

There is more work to do but the foundation is there and doing the build is only too further SFOA and build more so that we thrive in the future.  All the work so far has been positive and looking into the future there can be other amenities and added structures. Our revenue generated would be $71,500 per year in dues plus added people means added revenues to the clubhouse. Adding more also means that our lots could and should be worth more in the future since now that more people are moving north and wanting something affordable away from the cities the hope is that all members benefit from adding more properties that people own. Adding more people also adds more to usage of amenities and clubhouse so we will need to look at that, but for right now the data shows that we are high usage on big weekends (Memorial Day, 4thof July and Labor Day) all other weeks and weekend there is not high demand so we need to see what that will be before we build and expand.  Also there are other things we can do like fixing water lines, well that will cost membership about $750, 000 to $1 million dollars to fix all the lines in the park, right now we are managing it and most of the contractor’s will not touch our water line issue, we are looking into in water line fix but it is expensive to do, if we do Yorktown we may be able to cost affectively fix part of the water system for less, but that is something that will need to be addressed at the time of build.  With the future development in Garrison with a resort and other things our properties hopefully will be worth more.

 

I hope I answered the questions and if you have more, please feel free to ask, this is not about any board member of individual it’s about what could be and what is best for us as member and Sherwood Forest.

 

Feel free to share this with others who have the same questions and if they have other suggestions or concerns, please let me or any Board member know, and we will address them.

 

Please join us at the June Board of Directors Meeting at the Pavilion to hear more about the Yorktown Development! Time and Date will be posted on the website.

 

Michael Schlottman
Yorktown Development Chair / SFOA Board Vice President
michael.schlottman@sherwoodforestmn.com  
C319