due at the end of the month. Example: as of September 30, 1993 the actual reserve cash was $2,386 with an estimated reserve requirement of $277,676.
The Board met with the management company often and long, developing plans to overcome the problems. One goal was to reduce the reserve deficit to zero in five years.
Tricom Property Management, our management company at the time, found a wholesale buyer/reseller, Triple Crown Finance, to purchase the weeks RTC handed to PCOA. They had a national sales organization selling time shares.
Foreclosure of delinquent weeks was begun. Some owners voluntarily deeded their weeks back to the Association.
A special assessment on all owners was added in 1993, the only special assessment in the history of PCOA to date.
Unsold weeks were offered to then current owners for $1. Purchasers had to pay the closing costs, the 1993 special assessment and 1994 maintenance in advance.
The rebuilding of building 200 was started and new less expensive furnishings purchased. It would be replaced at a later date with better quality. Building 300 was in better shape and would have to wait until 1994.
For 1994 the maintenance fee was increased to $318 for an efficiency apartment, $358 for a one bedroom apartment and $392 for a two bedroom apartment.
The Board decided to hire a new management company of their own choice to begin January 1, 1994. Several bids were reviewed. RDI Resort Services, Inc. located in Ft. Myers, FL. was chosen. Mr. Ken Kiem was president. Al Natorp was assigned as resort manager. He reported to Mrs. Sue Bowers as Regional Director for RDI. To help PCOA out financially RDI Vacation Club purchased all unsold weeks.
RDI assigned Mark Bowers to move temporarily to Players Club to oversee the renovation of the building 300 as well as the completion of building 200. At this time there was more money so the building 300 renovation was made and included using better furnishings. Later the building 200 would be upgraded. The renovation was completed in 1995. Upgrading would come later.
During 1993 and 1994 the Board had the task of maintaining urgent repairs, rebuilding of the resort and longer range planning for improvements to the resort once the buildings were back in good condition. Long range plans included upgrading of the condos, first class furniture, updating the landscaping and central heat/air-condition.
In early 1996 DeAllyon Associates, Inc. filed chapter 11 bankruptcy. Players Club depended on DeAllyon Associates, Inc. for office space in the main building since we had none in our buildings, 200 or 300. In late 1996 the maintenance/storage space in the 200 building was converted to office space. We move our office into the newly converted space in early 1997.
In May 1997 the DeAllyon Associates, Inc. property was bought by Spinnaker Development Corporation (SDC). The owner of SDC was Ken Taylor, a developer of timeshare properties primarily on Hilton Head Island.