Suspension of Sunriver Village Development Agreement

Hi Everybody,

Here is the latest on the Sunriver Village Mall redevelopment.
The below letter was sent to Sunriver owners via email from the SROA Board of Directors on Thursday, 10-16-08.

"It is important Sunriver owners recognize that the SROA Board of Directors is committed to redevelopment of the village and, therefore, completion of a Development Agreement (DA). This is a top priority, and the original intent of redeveloping the village remains, which is to create a vibrant, commercial core and center of activity within the community.

It is essential the DA be done in a measured, deliberate method that best serves the community's interest. During the Board meeting of Oct. 11, 2008 it was concluded the interest is best served by suspending action on the Development Agreement for 90 days.

The formal board actions reads as follows:

[The board] approved suspension of the Development Agreement (DA) for 90 days so the following conditions can be investigated ad achieved:

SilverStar agrees to 1) A maintenance plan for the existing village acceptable to the SROA Community Development Department, 2) Provide substantive evidence of probable ownership in which a DA can be developed, 3) Provide best revised view of a presentable concept plan for the village property.

During the 90-day suspension, the Development Agreement Task Force (DATF) will continue to evaluate and advise board.

Three conditions underlying the completion of the DA are: 1) The DA should contemplate both a developer and a specific development project. 2) The DA should contemplate a developer who is going t move the project ahead. 3) The DA should be framed around a vision for the village, which can be conveyed in a number of ways, such as a detailed concept plan, schematics or an architectural rendering of vision of the village. An example of this is what SilverStar originally displayed to owners in the Scene and during meetings. There is concern regarding the following open-ended issues and questions:

Is SilverStar having financial difficulty, and is it currently in default with its lender?

Is SilverStar looking for new investors, positioning for sale, or reorganizing? There is insufficient information as to who the new owners may be, and thus the vision or long term intentions for the village may be unknown.

The former leaders of SilverStar may not be the new leaders.

The original vision of the village may be replaced with a modified version driven by the world's new financing and real estate economics. Will the new concept permit lower density and/or height? If so, should the DA address this with, for example, a cap, or should other options be explored?

Could the land be sold in parcels? If so, how is that to be handled within the DA to assure the community achieves what it seeks, a vibrant commercial core?

In reaching the decision to suspend, the board has consulted in depth with our attorneys and DA consultant, James Lewis. You may be assured the pros and cons of this decision have been carefully weighted. The driving considerations were these: No matter who owns the village there will be no development for at least two years or until the national and world-wide credit crunch eases. Secondly, the three conditions mentioned above need to be reasonably met in order to construct a DA with a solid foundation that will withstand the test of time.
Your thoughts and opinions are always welcome and can be made known by e-mail to Dimbears@aol.com"

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