KING’S GATE CLUB
MARCH BOARD OF DIRECTORS
MANAGER’S REPORT
04/19/12

Lake Report: The Carp Barriers have been installed. Photographs of them have been sent to the Florida Wildlife Commission for approval. We are waiting for their OK to put the Carp in the lake. Aquatic Systems has treated the lake three times since early March for algae and grasses. The chemicals that they use cannot be applied more often than every two weeks. This week, they will be able to do another treatment if needed.

The Summer Projects List is on the Business Website – www.kingsgateclub.com. Check it out.

318 Castle – McMaster – The foreclosure complaint is being filed and service on the defendant is in process. 241 Barons – Fels – Motion for Summary Judgment will be filed this week. The Judge should set a hearing date soon.

The Club has signed a contract with Florida Fence to install a black aluminum three rail picket fence, six feet high, along the west property line between the front gate and Salt Creek. Also, Florida Fence will install a black aluminum six foot high gate and fencing at the road between King’s Gate Park and KGC. This work should begin in a couple of weeks.

There were several reports of the large alligator becoming less fearful of people – some described its actions as aggressive. I called the Florida Wildlife Commission Gator Hotline and reported the matter. They sent out a trapper who on the first visit caught the smaller gator and after several more attempts, caught the larger one.

Sarasota County Board of Commissioners, at its meeting on March 27, 2012, passed a resolution for the acquisition of a portion of our 8 acre parcel. The Sarasota County attorney said that it would probably be next Fall before he would be able to start he acquisition process. The last communication from the County regarding this parcel included a price of $231,000.00. Our subsequent appraisal indicated a value of $600,000.00. When taking property by Eminent Domain, the County will deposit their purchase price into a trust account that will be immediately available to KGC. The next step will be for KGC along with our attorney to enter into mediation with the County to arrive at an acceptable additional price for the parcel. If no agreement is reached then the matter goes to litigation. All of KGC’s expenses throughout the process are paid by Sarasota County. There will be a Capital Gains Tax due on the transaction, probably at a 30% rate. Our accountant is researching using Sections 1031 or 1033 Exchanges to delay the tax.

President Walker has appointed a Long Range Planning Committee (1) to consider the purchase of the vacant lot to the west of KGC’s property, (2) to re-consider the expansion of the buildings on the main campus and (3) to send out a survey to assess long range priorities of the membership. The committee met with a contractor last week to get an estimate of costs to construct additional space for larger bathrooms, a separate card room, a smaller meeting room, etc. All of this is preliminary but will give the committee current information to begin making plans for uses of the funds from the sale of the parcel to the County.

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