Dear Brother <<First Name>>,
I would like to bring everyone up to date with this much over due update. As most of you already know, the house has been sold. The original party, that we were in contract to offer the first right of refusal, had an offer in with us when a medical issue arose with a family member of his and halted his interest to undertake a new property at that time. He did however forward all the information that we had been negotiating to a business partner of his that stepped in just about were we had left our original deal. Our attorney drew up the paperwork rather than forfeiting a percentage by hiring a real estate agent to broker the deal.
In the end, we just did not have the financial backing that we would have needed to make it any longer than we did without an even greater risk of losing everything. The banks had denied our refinance requests and those of us that already had tens of thousands of personal money already invested were not able to dig any deeper. I would like to give another personal thank you to those Alumni Members that were able to take advantage of the investment bonds that we offered. Without that funding we would not have been able to even cut through the mounds of red tape that the city of Whitewater continually threw in our direction just to get occupancy permits. I wish that type of small town political BS on no one. To give an example, we had to replace the same tree in the front yard on three separate occasions. First it was not in the exact same spot as the blue prints had pictured, then it was the wrong species and finally it was not specifically between 7-9 feet. Yet they never specified any of those issues when the project was proposed. Just more ways to delay and sandbag any hope of success. I could go on and on but I won’t.
After all was said and done, title was transferred and we were able to walk away from the deal with approximately $26K in the alumni account. That is were we currently sit financially. I am, as many of you probably are, still heart broken that we were unable to pull off the renovation and retain the property as an asset. However, with very little to no hope that UW-Whitewater will see another chapter colonized the next logical step would be to discuss possible investment opportunities for the funds that we do have. If you have any thoughts on this matter please feel free to table those ideas at our annual Gondecks meeting or by contacting any member of the executive board directly.
Since I have been setting up our golf outing we have strategically held the event on the weekend between Mother’s Day and Memorial Day weekend in order to encourage maximum participation. This has also always been the same weekend as UWW Graduation. This year is unique to the fact that there are two weekends between the holidays. This year we will hold this event the weekend after graduation. The weekend following graduation is Saturday of May 21st. Some of you may have seen the poll that I put up on our Facebook page asking for input on this decision and every person that replied thought that May 21st would be a better day to hold our event. More details will follow and in the mean time you can find us on Facebook, Twitter or our web site UWW Phi Sigs.
Sincerely,
Rick Stimps
Social Chairmam
rickstimps@gmail.com
|
|
