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History of Players Club Owners Association - page 5 / 7





5 / 7

In March 2006 RFP’s were sent to six management companies. All six responded with their proposed program. The six were Goodmanagement of Newport, VA, RMC Property Management of Hilton Head, SC, Southwind Management Corporation of Hilton Head, SC, Sunterra Resorts Management of North Las Vegas, NV, Trading Places International (TPI) of Laguna Niguel, CA and Vacation Resorts International (VRI) of Laguna Hills, CA (Serviced from their office in Merritt Island, FL).

Three of these were invited to present their proposal in person before the PCOA Board of Directors on May 12, 2006 at the resort. They were RMC, TPI and VRI. The Board presented additional questions to the companies via email. The presentations and responses to questions along with counter proposals were studied. Two companies, TPI and VRI were asked to provide more detail. After several weeks of negotiations VRI was chosen to be our next Management Company. Their official date to become the Management Company for PCOA is January 1, 2007. VRI did the billing for 2007 in early December 2006 since they became responsible for collection before most payments were made.

The announcement was made to the owners at the 2006 annual meeting in Hilton Head on October 28, 2006 followed in the winter Newsletter sent to owners in December 2006.

The resort general manager, Pamela Vernon, will report to the VRI director, Diana Morris, located in New Bern, NC.

David Randall was re-elected to the Board of Directors at the annual meeting.

2007 was the first year VRI managed Players Club Owners Association. Our agreement with VRI was three years with a no fault option to leave them at the end of one year if not satisfied with VRI performance. In October the Board announced that PCOA would continue under management of VRI for the two additional years.

Some major accomplishments for 2007 at the resort included the updating of our computers, replacement of the playground equipment and the replacement of the four entrances ways   with hurricane proof ones. This was also a security issue. The new entrance doors will require use of the unit Onity card key to enter after 10:00 P.M. Also flat screen TVs were installed in all units except Efficiency units. TVs were installed in all bedrooms.

Early in 2008 Mischa Schnider announced that he planned to leave the Board at the end of the year. At he annual meeting Anthony Rodarte of Herndon, VA. was elected to fill the year remaining of Mischa’s term.

2007 was a bad year for our property insurance. Insurance premiums which were under $55,000 in 2006, increased to greater than $120.000 in 2007. Projections for 2008 are even higher, near $175.000. This caused an increase in 2008 maintenance fees of near 5%.

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