Paul Lindsey shared his correspondence with Today's Bank regarding the state of Walden Lake.
A message from Today’s Bank
Walden Lake resident Paul Lindsey contacted Kevin Beasley at Today’s Bank regarding the situation with Walden Lake’s golf course. Below is his response. The contents of the letter are the opinion of Today’s Bank.
Thank you for reaching out. We too are concerned over the current situation and future of the property. The city manager’s impression is incorrect and to date has not been helpful.
The bank is, however, handcuffed on selling to a new owner because of the inability to convey clear title because of a lawsuit filed by the HOA master board against the previous owner. We have several who are ready to buy, improve the property and work with local residents to achieve such. However, because of the unresolved lawsuit which was filed three years ago, the issue must be resolved.
The foreclosed property is not part of any HOA association, nor does any HOA association pay assessments for maintenance of the property. Today’s Bank is the reluctant owner of the property through the foreclosure which was completed earlier this year. Unfortunately, due to the lawsuit filed in 2015 by the Walden Lake Community Association, Inc. and the lis pendens which it recorded encumbering the property, Today’s Bank is handcuffed to the property, unable to sell it to new owners who wish to improve it. Today’s Bank has requested that the court discharge the lis pendens, however the court has denied release at this time, and the bank must continue to litigate through the issue.
Please understand that the bank, as a highly regulated business, does not have the regulatory authority to redevelop and operate the golf course or facilities. So, with the lawsuit still pending, no one, including the residents and the bank, can achieve the desired improvement or redevelopment of the golf course. Today’s Bank plans to sell the property as soon as possible, and has received numerous offers from investors who are willing to purchase the property and wish to close quickly. These interested purchasers have expressed interest in redevelopment and improvement of some or all of the golf course and facilities. However, Today’s Bank cannot accept any offer to sell the property since it cannot convey clear title due to the association’s lawsuit and the lis pendens.
In discussions with these prospective purchasers, they have indicated that they intend to work with the local residents to determine a satisfactory plan for the development of the property. While Today’s Bank has no ability to control the development of the property once it is sold, it would seem that the residents’ efforts would be better spent addressing the future of the property once it is conveyed to a new owner who will develop it.
Conclusion — Walden Lake HOA needs to vacate lawsuit and allow Today’s Bank to bring in a Management Company to save the property. Thereby resolving an eye-sore and preserving their property values.