UPDATE of 12/1/2024: Offering the property on the open market by a realtor ended on May 1, 2024. In November of 2024, at a member meeting, shareholders decided to present the TW with multiple offers and consider allowing TW owners to vote on purchasing at the January 2025 annual membership meeting.
UPDATE of 5/5/2025: At the board meeting of December, 2025, FLAG representatives were to ask the board to allow TW owner to reconsider purchasing this land at the January, 2025 membership meeting. The letter below, with all of its deceptions and non-truths, was again circulated anonymously. This caused the board and FLAG representative to feel threatened and the offer was removed. END OF UPDATE.
Presently, the property is for sale on the open market again. Asking price is $499,000. See the sign posted on the property.
COSTS and OPTIONS
1. If TW buys it as deeded property: The one-time cost per unit owner would be about $640. This could be lowered by an unknown amount through donations, stock sales, etc. TW would pay taxes and insurance (est. at $2 per quarter per unit owner). If desired, a conservation easement could be added. Since TW is non-profit, this is possible, and taxes would be further reduced.
2. If TW buys it and adds it to the common elements: The one-time cost per unit owner would be the same, about $640. This could be lowered by an unknown amount through donations, stock sales, etc. TW would pay only a negligible cost of liability insurance. (est. at $1 per quarter per unit owner). TW unit owners would see an increase in taxes of less than $7 per year.
3. If FLAG keeps the property, the annual cost of $3000 for taxes and insurance would be funded by the FLAG bank balance. This is estimated to be about $65 per year per share. I believe the value of one share of FLAG stock is reduced as expenses continue. Presently, Value = (actual value of all FLAG assets + bank balances) divided by the number of outstanding shares. I estimate ($200,100 + $17,000) / 47 = $4,620 per share.
4. If it sells, I hope shareholders get their investment back.