This Mixed Use Proposal divides the 14.2 acres into 17 areas which can be developed independently over time, after the infrastructure is established.
The essential aspects of this proposal are:
- No TEPOA land is sold.
- The numbers in this document are preliminary and subject to change.
The term “senior living” is used to represent assisted living (medical) and/or independent living (no medical).
This proposal combines commercial and recreational venues. The objective is to make enough money to fund other projects that improve the quality of life for TEPOA residents.
The map and table (ON BACK) show the layout and estimated cost of the individual areas.
If there is a waiting list to be admitted to senior living, existing TEPOA owners and
renters will be added to list ahead of any non-TEPOA resident.
Advantages of Adding Senior Living
The senior living will produce a positive cash flow of $20,000+ per month to TEPOA,. This income can be used to fund additional recreational projects and slow the increase of maintenance fees.
Just a short golf cart ride, allows residents of TEPOA and Senior living to meet. Friendships will not be lost.
The preferential admittance of TEPOA residents makes living in TEPOA a plus and provides options so residents do not need to leave TEPOA..
The numbers in this document are preliminary and subject to change.
Several financing alternatives were considered before selecting the option to lease (long term) 5 acres to a third party to build and operate the senior living. This option requires less investment of TEPOA funds and should result in a positive cash flow of $22,800 per month
Each of the units will be assessed a maintenance fee and the land will leased for $10,000.
Assuming 100 units this will provide (100 x128)+10000 = $22,800 per
month. The lease fee is not final and will be negotiated with the 3rd party.
The infrastructure will be at expense of the 3rd party developer. The costs of developing the other mixed use options would be borne by TEPOA, and can be spread out over time so as to not strain existing financial resources.
Removable barriers (similar to those East of MPB) will restrict the road access to golf carts to prevent unwanted traffic,
The numbers on map correspond to cells of the following table