Meeting with Zions Bank

On Tuesday, July 1st, a group of SunCrest residents met with Zions Bank officials regarding the purchase and sale of the SunCrest property.

In attendance were Paul & DeLaina Tonks, Scott & Barbara Blackmer, Simon Cantarero, Tod Bean & Mary Chamberlain of CCMC, and Scott Wiggins, OA Board Member. (A big thank you goes out to two additional SR.org members who were instrumental in setting up the meeting-you know who you are!)

1. OA Info
a. OA Board members: We need three to function and make decisions for the community. Zions was glad that we shared this information. They indicated that when the need arises to appoint members, they would like our input and suggestions.
b. July meeting needs to be scheduled: This normally occurs the third Thursday, at 3:00. The OA meeting for July 17 will be held as scheduled.

2. Plans for SunCrest
a. Info Center-Due to road closure and equipment in the way, can CCMC move into offices at Info Center? No. Locks on the Clubhouse and Info Center have been changed for liability reasons. Since they are Zions Bank's property, they can now only be accessed by Zions' employees or those authorized by the bank.
b. complying w/Master Dev’t Plan: They are not developers and aren't planning on doing any of the infrastructure upgrades requested. They are taking the City at its word that they are willing to work with Zions and the new developer. There may be amendments and changes made to the Master Plan. They will let us know what these changes are.
c. Is Zions requesting entitlement changes w/Draper City? They want to sell the property as quickly as possible. No further comment was made.
d. Market-we all gave sound financial, personal, and emotional reasons to keep the market operating. They seemed open to the idea but made no promises.
e. Clubhouse-the amount needed to get it operational is $300K. They will not be doing anything with the Clubhouse.
1. pool service, chlorine-they WILL, however, be cleaning up the algae farm that is our pool. That will happen late this week, or next week.
f. Comcast-several options were floated, including turning the contract over to the OA; OR doing away with the contract completely and allowing residents to get their own services from whomever they choose. Once we know what they plan to do, we'll post it here.
g. Liens on Tallwoods lots-apparently, each homeowner in Tallwoods was assessed a lien of $9K b/c the developer failed to pay WW CLyde for the installation of the roads. All of Terrabrook's debts were dismissed in the bankruptcy, but the liens on the homeowners' lots were not. Unfortunately, there's probably not much the bank will do.

3. Timeframe for sale-most likely weeks or months, not minutes or hours.
a. Prospects? They have already met with three developers. There were 18 who were interested prior to the auction.
b. Why were there only 2 bids at the auction? Apparently there are strict protocols and procedures in place for the bidders. Doing a deal after the fact, with the bank, allows more flexibility on the procedures and structure of the sale. It sounded like a better deal for the lender and the potential new developer.
c. What criteria does the new developer have to meet in order for them to qualify to purchase the development? Zions is looking for two things: financial stability and experience in hillside development. They will not just offload us to the highest bidder and risk having the same thing happen twice.

4. What can residents do to help?
a. DON'T PANIC!
b. The aforementioned members of SR.org have made themselves available for input and suggestions to Zions, the City, and to answer any questions new developers may have. Our concerns and interests have been heard by the lender, and will hopefully be passed on to the new developer.
c. We are as involved in this process as we can possibly be. I have never seen another community able to pull together such a sharp group of people at a moment's notice to go sit down with bank execs and attorneys to discuss the outcome of the sale from the perspective of the residents. Banks deal with numbers, not people, but meeting with them put faces to the numbers and allowed them to experience the "numbers" from a personal perspective.
d. Anything that we CAN do to help is being done. We have established contacts with the City, and with Zions. We will communicate information as it comes in so that we can all be informed during the process. Knowledge is power!

Parting Comment: "Zions is doing its best to see to a qualified hillside developer as quickly as possible."

We shall see...