Tuesday, October 31, 2017
Scandals - 10A
SCANDALS 10-A – JUST WHAT IS A CAPITAL IMPROVEMENT?
Read SCANDALS 10, -- about Capital Improvements and who pays for them. This subject matter needs to be expanded. The truth must come out and you must take notice. Are you stupid; are you just plain stupid, -- a nit-wit? Well, if you’re not, then stand up and scream “Of course I’m not stupid.” Then band together and do something to stop not only those who are stealing from you, but also those who can do something about it and won’t. We are talking about one hell-of-a-lot of money. If you wish to travel back in time, -- the monies stolen from you could have purchased both club houses.
Let’s get right down to it . . . THE PURE FACTS
What is a CAPITAL IMPROVEMENT?
A Capital Improvement is the addition of a permanent structural improvement or the restoration of some aspect of a property that will either enhance the property’s overall value or increase its useful life. Capital Improvements can be applied to buildings themselves and individually to structural components, which also include, heating & ventilating, plumbing, electrical, fire protection, security systems and elevators. Capital Improvements enhance the value of the property in the nature of a betterment; extends the useful life of the property; improves the efficiency of the property; improves the quality of the property; it is the addition of upgrades of modifications to the property; and improvements that put property into a better functioning condition; ameliorates a material condition or defect in the property; and provides addition of new or replacement components and material sub-components to the property.
(This information was retrieved from several sources, including but not limited to: CPA’s, IRS, Investopedia Wikipedia, The American Institute of Architects, The Society of American Registered Architects, American Bar Association, and others.)
Stay with me. According to the Millennium Operating Agreement, all Capital Improvements are to be paid one hundred (100%) by the Management Company (WPRF/Benenson Capital). That is in print . . . a fact. So, why are we paying for Capital Improvements over and over, with no end in sight? We’re talking about millions of dollars.
It is because the Management Company is big and powerful and there’re willing to spend huge sums of money to defend their position, whatever that may be. You should know that if we disagree with their conclusions, we reserve the right, under the Millennium Agreement, to bring the matter to Arbitration, also known as Dispute Resolution.
Why won’t the president of UCO, David Israel, bring the matter to arbitration? An experienced person in this type of scenario will tell you that the president is a gutless person, or that there is something going on that greatly benefits him for remaining mute. Is he involved in a criminal act of some type? Why won’t he act on behalf of the people in CV? He needs to be forced by a judge
Why don’t you pick up the phone and call Mark or Irwin Levy. Ask either one of them the interpretation of a Capital Improvement as it applies to CV. They won’t discuss it with you. They’ll refer you to their attorneys. Ask them where it states that Management interprets and makes final conclusions relative to the Millennium Agreement. There is nothing that gives them that power.
This is a SCAM. It is the biggest scam that has ever been put forth upon the Village. And, who wrote the Millennium Agreement? It was the Management’s group of lawyers who were all friends with one another and the UCO attorney who was forced to roll over. But, in their secret way to favor the Management Company – they made mistakes in the Millennium’s language.
They won’t acknowledge their mistakes because it exposes their jeopardized position, and we’re talking about millions of dollars of which they become responsible. The Statue of Limitations relieves them of monetary responsibility, but we can still recover heavy sums, and furthermore, protect our future from their ongoing scam.
Charge the UCO office and tell Israel what needs to be done . . . done NOW. Or, have him dragged before a judge, and we’ll see if he ignores the law as he has done in Century Village.